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Does anyone really know how long a short sale will effect your credit?

By Lou Coco

Real Estate Agent with Keller Williams Realty St. Louis

January 05, 2009 03:01 AM

I have been hearing a lot of conflicting information about short sales and foreclosures and how long each will effect your credit. Since a lot of our clients are in this situation right now and are trying to decide whether or not to try to work out a short sale with their lender or just let them foreclose, I thought it would be good to have some solid information to provide to them. If you are in the mortgage, or better yet the credit industry please let me know your thoughts. Even if you are not, and have some experience in this area, I would like to hear your thoughts and/or experiences. Thanks in advance, and good luck in 2008!

I think the response (zero) that I am getting to this post is the answer to my question. No one really knows.

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Elizabeth Bolton

RE/MAX Destiny Real Estate Cambridge, MA - Cambridge, MA

Cambridge MA Realtor

Hi Lou,

It would be great if someone in the know chimed in. This question has bugged me from the beginning since I only like telling people things I actually *know*. I've asked this question in several short sale / foreclosure classes and like you, never got a good answer. What a mess, huh?

Liz

Jan 05, 2009 11:58 AM

Anonymous

Lou Coco

I agree. Noone really even wants to give me a guesstimate. I think a lot of people are hoping that when this all clears up they will make an exception for those who had to do short sales in this time period. I guess only time will tell.

Jan 06, 2009 12:48 AM

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