Posted by Tom-FL on June 07, 2004 at 17:34:18:
I’m not an expert on short sale here, but it seems to me that on a short sale, the credit report would show late pays, and then “SETTLED”, just like any other loan or credit account.
I might even venture as far as to say that if you make a short sale AGREEMENT, then pay it off under that AGREEMENT, then it should say “PAID AS AGREED”.
These things are subject to negotiation, by the way.
Pre-Foreclosure - Credit Record of Sellers? - Posted by Steve Odette
Posted by Steve Odette on June 04, 2004 at 22:01:41:
This morning: A seller that I have been working with in a pre-foreclosure situation (details if requested - trying to save space! ;o) “Tony” asked his banker how a “short sale” would affect his credit vs foreclosure or bankruptcy. The answer he was given: “Worse, Tony, you will never get another mortgage. A short sale stays on your record just like a bankruptcy or a judgement, you would be better to foreclose.”
Ok, I am not a lawyer…and, I have spent much of my day researching this issue. Normally, I don’t tend to bother you guys, work hard at finding my own answers - most of the time you have already answered 75% of the forums’ questions at least a dozen times before! I learn much by reading other peoples previous posts. However, I just can’t seem to get clarification on this one. So…
Question:
I am / was under the impression that if no forebearance or modification can be worked out with the bank, and no sale is on the horizon, a short sale was HELPING the homeowners to avoid the two “much worse” alternatives…foreclosure or bankruptcy…and that the short sale would only show on their credit record (non-deficiency short sale only) as a few arrears, late payments, and a SOLD house. Am I misleading folks here? Man, don’t want to misrepresent, or hurt my homeowners. There are a few bad investors out there who make our job of helping hard enough…I don’t want to be viewed as one of these guys! First…“Do no harm” second…by helping everyone…make loads of money!"
Any clarification - even a law reference or two I can research - would be great help.
Thanks in advance,
Steve
Re: Pre-Foreclosure - Credit Record of Sellers? - Posted by Bev Radcliff
Posted by Bev Radcliff on November 18, 2004 at 18:41:21:
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