Re: Effect of Short Sale

Posted by Julio Martinez-Clark on December 29, 2007 at 01:38:36:

In Reply to: Re: Effect of Short Sale posted by MJMathis on December 28, 2007 at 19:43:06:

MJMathis,

I don't see how your credit would be affected under the scenario that
you propose (CW accepting a short sale without any default on your
payments). A short sale is just a discounted payoff. The way I see it is
that it's the same case as you asking your lender for a payoff letter, they
give it to you and on the letter they accept to take less than what they
originally lent you, then you pay it and your account is closed. There is
no default involved, thus there should not be any negative credit
repercussions.

In my opinion, the best source to answer your question is your mortgage
lender. Call them and ask. Please do tell us after your conversation with
CW wether they would consider a short sale without default. In my years
of real estate experience, I have not seen this scenario yet, however we
are at a crisis that will likely get worse in 2008, and they may have
changed some procedures to adapt to the new market reality.

I hope this helps,

Julio Martinez-Clark

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