I filed Chapter 7 but we are keeping our home. Just a question for down the road. If we ever had to sell and we did a short sale, how does that affect your ability to get a new home loan in the future, if at all? Is there any kind of mark on your credit report? Thanks for any input.
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Most lenders will not agree to a short sale, but there are exceptions depending on the situation. If for some reason you just want to move to another home it is very doubtful they would do a short sale for that reason. It must be in there interest to do it.
If you owe more on your home than it is worth I suggest you start making double payments on principal so that will not be the case. Then you are in control and not someone else who does not have your best interest at heart.
regards,
emoneyLast edited by emoney; 05-29-2007, 05:57 AM. -
If you have any indication you are going to do a short sale in the future you may want to let the house go now. It will bi viewed by lenders as 2 separate instances instead of one occurence. If you truly feel you are going to keep the house then I would keep it. A short sale is considered the same as foreclosure in the lenders mind.Originally posted by frankies_mom View PostNick KusanComment
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Thank you for your replies and info. We definitely want to keep our house and we definitely see ourselves there for at least the next 5 years. We are upside down about 5-10k due to the market here. That just makes me feel a little uncomfortable. But now that we hopefully will have a lot of our unsecured debt discharged we can put more $ toward the mortgage and hopefully turn it around. Thanks again.Comment
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Five or ten thousand dollars in not very much in a changing real estate economy. I again urge you to make additional principal payments to start owning your home instead of the other way around as it is now.
regards,
emoneyComment
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