How does a short sale affect my credit?

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This is a great question as there is a lot of misinformation on the internet about this topic. A short sale is recorded on your credit report as "debt settled for less than the amount owed". This usually will result in a relatively minor hit on your credit compared to a foreclosure or late payments on your mortgage. I say '"usually" because it affects everyone's credit differently. The more established your credit, the less of an impact it will have on your score. It is important to understand that it is the late payments that mainly affect the credit rating not the short sale.
Did you know? That according to current Fannie Mae guidelines, a short sale will only impact your ability to qualify for a new home for two years! If you short sale now, you could realistically approach buying a new home in less than 24 months.
Call 888-566-8222 or www.MyOneStop.net or Text "PLAN" to 82257

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