how much will a short sale affect my credit?

A short sale is about the same as a forclosure in the world of credit, but if you kept your payments on time during the process, it will be a lot better, and if you are going to do a short sale, do it this year.. the Mortgage Forgiveness Act , expires Dec 31, 2012, which means it a new act passes, the difference of what you owe and what was short saled , can be counted as income . IT IS not totally set in stone, of course, things can change , but this is where we are today.. Why are you doing a short sale?? if you want to take this privately, email me at yourloanpartnerforlife@live.com

Hi and thanks for your question...the fact is a short sale will affect your credit, by exactly how much in terms of points is difficult to say though. It will torpedo any chances of getting a mortgage for 2-3 years though, that is for sure. I don't know your circumstances but is it possible for you to refi it under the HARP program? If you would like to discuss please call me, I'm right here in the Columbia area. Travis Torcoletti IKON Financial Group(803) 381-5149

The credit impact will be different for every person since credit scores are a reflection of each individual. Generally speaking, we have seen folks with 800 credit scores do a short sale and their score drops to 720 which is still considered a good score.. Others with a 680 score prior that drops to 540... so you'll have to run your credit after it's complete to actually see.. Keep in mind that short sales in general, although a negative impact on the credit report, is not really weighted into your credit score. However the lenders will take the short sale into consideration when determining your eligibility for a new loan. FHA will require a 2 year wait, while Conventional can be 3 to 5 years.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Hi.If your mortgage history does not show any delinquency, the short sale guideline is 2 years and your credit won't suffer much. If it is a FHA or other Gov't insured/guaranteed loan, you may need to wait 3 years from the date the claim is paid to your current lender. This is the best way to mitigate the damage. I have an excellent credit restoration counselor you can speak with that may even be able to get the mortgage removed before you try to buy in the future. If you would like more info, do not hesitate to reach out to me. Hope this helps.

In terms of buying a house, a lot. I wouldn't plan on getting any good financing for a house for at least 3-5 years.Matt ElstonNMLS Id # 69609Mortgage Loan Originator, AgSouth Mortgages office 803-324-1131, option 1 Shortel 2306 cell 803-493-1392 fax 803-328-9272 melston@agsouthfc.comfor US Mail delivers only to: P.O. Box 10941, Rock Hill, SC 29731-0941 our Physical Location / UPS / FEDEX / is: 1321 Springdale Rd, Rock Hill, SC 29730America's Lender of Choice for Ag, Land, and Rural Homes!Apply online at: www.agsouthmortgages.com

Matt is correct. While it might not affect your credit score as much as a foreclosure (I've recently seen customers with scores over 700) but you will be shut out of buying another home for several years - and that is based on current guidelines which could become more stringent durin gthat 3-5 year period.

Agreed, your score will go down but not by all that much. However, do not plan on being able to get a mortgage in the next few years.

Sorry you're having to go thru the short sale process....but it could be worse; the shortsale could cause a drop of 50-80 points. More importantly it will prevent you from obtaining loans/financing for several years (unless there are extenuating circumstances). No way to mitigate - just do everything possible to keep current on other debts. Good luck!