Possibly Looking to Sell House Need Advice on Short Sales????

In regards to your credit, if you are not going to make any major purchases (i.e. another house/boat/RV) dont worry so much about it especially if you are going to continue paying on your home & credit cards (if you have any) that will still show well for credit if you decide to purchase a car. You should however inquire on how long it will show on your credit bureau and if it will reflect you and your, assuming, husbands reports. If you are going to go short sale I would stop paying now. Its a waste BUT you may be held liable for a portion of the remaining mortgage in a short sale. Sometimes you can negotiate with the bank aswell. I would def meet with a few realtors and ask plenty of questions, dont settle until you feel you have all the information you need. The internet is a great source aswell.

there are special short sale lawyers that can answer the specifics....if you are paying your mortgage on time you are screwing yourself out of a short sale. why would they take less on a loan that they were getting paid on time the full amount for by you? sounds horrible but that is the way it goes.

We are short selling our house right now, has been on the market since September 1st. Long story short, we applied for a modification, bank didnt give us all the IMPORTANT details, denied us and now we are 10K delinquent due to the lower trial payments we were making. I dont have that kind of money to bring my once current mortgage for 3 years back to current so we put it on the market. Unfortunately, it is not worth at all what we paid for. We still pay our normal payment each month on time though and will continue to do so until we sell it. Plus if you keep it current it wont drop your credit score as much.ashort sale will remain on your credit for 2 years as opposed to 5-7 with a foreclosure.

I suggest contacting a realtor with great success with short sales, they will work with you and the bank to make it happen. You don't have to deal with the bank at all, your agent will do all that.

A good thing with us is my hubby is the only one on the house and loan so it will not affect me at all and we can buy a new house with my credit and income. Though, we dont plan to for at least a year and a half to two years. We are done with banks for awhile after this one, I'd rather deal with a landlord actually, at least then I can walk away if their jerking me around!

Good luck and hope this helps! :)

The worse thing you can do is stop making payments. That will wreck your good credit score. The amount of money you sell your house for should not interfere with your credit score, but late payments, still owing money (and not paying the bank) after the sale, etc., will affect your credit score.

Please talk with your mortgage company and your bank. Talk also with different real estate people to see if there is more you can do to sell your cabin.

There is a lot of misinformation out there about how different actions will affect your credit and how important a credit score is. A credit score is very important for many different transactions you will want to do in the future. Don't stop making payments on your house until you've talked with your mortgage company/bank about possible options. There may be options to restructure your current mortgage to lower your payments.

I would consult real estate and financial planning experts first before I did anything drastic. Can the cabin be rented out? Can one or both properties be refinanced? Mortgage rates are so low right now. I don't know the answers to your other questions, but I would look into all possible alternatives before putting the house on the market. Good luck.

Talk to your lender before you do anything. Yes it will affect your credit. Also consider that when your credit scores drop a lot of credit card companies will raise your rate and decrease your limits. For the most part most lenders are willing to work with you especially if they see you are trying. There is a lot of paperwork involved and you have to be very committed to the end goal. Any chance the cabin is priced too high or are you listing it at the lowest price you can to just pay off your current mortgage? Coming from a lender perspective though if you can at all pay, continue doing so or at least partial payments so it looks like you are trying. Good luck.