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I short saled and when the sale went through my score went up. I don't really know how many points (10 maybe 20) because it was down as "foreclosure pending" with all those missed payments. Then it went to settled in less than full and improved.
Needless to say , my credit is hurt but what helps is that I do pay everything else on time. (credit cards etc).
I dont' know what our credit scores are now, after the short sale, but we had a bunch of accrued late payments, so while our credit is shot at this point, it wasn't the short sale that did it. I've read that if you do'nt miss any payments, it can be as little as 50 points off of your score. Unfortunately, our bank would not work with us until we were 90 days past due, so that wasn't a possibility in our case. We have been told that if we rebuild our credit, don't pay anything else late, etc, then we should be able to buy again in two to three years.
Thanks for the feedback. We are not happy with our current situation of being 130,000 underwater and are contemplating what to do.
You have to prove that you are going through a hardship to do a short sale... if you are going through a hardship and can't refinance or lower your mortgage payment, though, then a short sale, while not a fun thing to go through, can save you a lot of grief.
We put in an offer on a short sale on 4/11/2009. Seller's lender was GMAC on both a first and second mortgage. We got a verbal acceptance on 4/17/2009 and a written approval on 5/4/2009. Closing was set for 5/22/2009. I don't have the exact figures in front of me, but the amount owed on both mortgages together was something around 300k, we offered 270k, so 30k off amount owed. This left the second with a small amount (around 6k if I'm remembering correctly from the approval letter) after commissions and fees and the first were all paid.
We thought we were smooth sailing until 5/21/2009 (day before our scheduled closing) and now GMAC won't let us close - they keep changing their payoff numbers - apparently the foreclosure kept moving forward even after they had accepted our offer. *sigh* and everything seemed to be going so smoothly, guess that was just too good to be true.
We were supposed to close on our old home and this one the same day - we almost ended up in a hotel with all our belongings in storage. Managed to work out an occupancy agreement at the last minute since seller was already moving out. What stress!
Thanks for the feedback. We are not happy with our current situation of being 130,000 underwater and are contemplating what to do.
Are you planning a short sale just because you are underwater? If that is the case, just think of what the nation would be like if everyone did that same thing?
Quote:
Originally Posted by beanandpumpkin
You have to prove that you are going through a hardship to do a short sale... if you are going through a hardship and can't refinance or lower your mortgage payment, though, then a short sale, while not a fun thing to go through, can save you a lot of grief.
If you are in hardship as well, follow beans advice.
Good luck!
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