Short Sale, then getting another mortgage after

[Blue_Ray]

Was wondering whom all here had to "Short-Sale" their homes, and then after the short-sale, how long did you have to wait to get a mortgage again?

Thanks for the hope of hearing good stories.

[HHM]

Its 3 years, short sales and foreclosures are treated about the same for mortgage lending guidelines.

[mickeyme]

If the mortgage was included in BK and discharge is there any benifit to doing a short sale vs. walking away? Would we be able to stay in the place longer rent free if we do a short sale?

[ItsJustMe]

If the mortgage was included in BK and discharge is there any benifit to doing a short sale vs. walking away? Would we be able to stay in the place longer rent free if we do a short sale?

No, you'd be there less time rent free. The benefit would be that your 'foreclosure' date is sooner. You don't have to wait around for a year or more before the bank gets around to it (extending the time you are responsible for the property, as well as the time you must wait before you purchase again).