Posted on: 01st Aug, 2010 11:52 am
My husband had a stroke and cannot work again. We have a second home which is upside down. I am thinking of renting the home but the rent will not cover the mortgage and we would have to supplment the rent. Should we go this way or should we try to short sale? What impact would this have on our credit.
Hi JARASTA,
A short sale will help you in selling off the property but it'll have a negative impact on your credit report. Your credit score will get lowered by 80-100 points after a short sale. If you don't want to ruin your credit, it's better to put the property on rent.
Thanks
A short sale will help you in selling off the property but it'll have a negative impact on your credit report. Your credit score will get lowered by 80-100 points after a short sale. If you don't want to ruin your credit, it's better to put the property on rent.
Thanks