Short sale wona t save credit score, experts caution | The Columbus...

Full story: Columbus Dispatch

Short sales, in which a property is sold for less than the bank is owed, have become increasingly common since the housing market tanked.

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Jim

Columbus, OH

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Judge it!
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#2
Jun 6, 2010
 
These scores are rigged and flawed.
Kat

Washington, DC

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Judge it!
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#3
Jun 6, 2010
 
True, a short sale will not save your credit score, but it will allow you to buy a new house sooner. Fannie Mae and Freddie Mac have recently both just extended the amount of time required between a foreclosure and a new home purchase to somewhere between 5 to 7 years. With a short sale, the homeowner would be able to purchase a new home much sooner, if their credit was rebuilt.
Telmark

Chico, CA

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Judge it!
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#5
Jun 7, 2010
 
Also consider the fact that "short sellers", in some cases, may be required to pay income taxes on the amount that the lender "forgave" them on the short sale.

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