Posted on: 25th May, 2011 08:32 am
how long will the short sale follow me or is it over
how long will a short sale follow me when it closes
If you live in a deficiency judgement allowing state and your home sells less than what you owe, then the can come after you for years to collect the deficiency. In FL, they have 20 years to come after you. In other states that don't allow for deficiency, the lender will take back the colleteral and your credit will be affected. If you have current credit cards and auto loans, this will help you out keeping your score up. You would not be able to purchase another home for 3 years after the sale.
Hi Guest!
Welcome to forums!
A short sale will remain in your credit report for the next 7 years like any other negative item. It will also lower your credit scores by around 80-100 points. Apart from this, you won't be able to qualify for any kind of mortgage within the next 2-3 years. Also, you'll be liable for paying the deficient amount resulting from the property sale to the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A short sale will remain in your credit report for the next 7 years like any other negative item. It will also lower your credit scores by around 80-100 points. Apart from this, you won't be able to qualify for any kind of mortgage within the next 2-3 years. Also, you'll be liable for paying the deficient amount resulting from the property sale to the lender.
Feel free to ask if you've further queries.
Sussane
It was me above... just forgot to log in to the Site.