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Short Sale Myths-Part Two
February 5, 2014by David Tal

Short Sale Myths-Part Two
                                  
 
Here is part two, talk to a professional before making your decision. 
 
Myth Number Five:  A short sale will prevent me from qualifying for a new mortgage.
 
Wrong! You could qualify for a new home loan within just 2-4 years of a short sale; even less if you never fell behind on payments! Comparatively, a foreclosure can ruin your chances of getting a home loan for many more years.
 
Myth Number Six:  It’s hopeless - short sales take months, even up to a year to complete, so the bank will probably foreclose on me first.
 
Wrong! New guidelines ensure the short sale process works swiftly. If you have a short sale agent to help streamline the process, you could have your short sale completed in as little as 60-90 days.
 
Myth Number Seven:  Since I have a second mortgage on my home, I am automatically disqualified from a short sale.
 
Wrong! As long as you meet all of the other eligibility requirements, you still may be able to obtain a short ... more

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