I have a client who is hesitant to get involved in a short sale because she is unsure how long it will be before she can attempt to get a new mortgage. She thinks it is possible to negotiate the way the bank will report the short sale to the credit agencies. Has anyone had experience with this process? Is it possiblre to negotiate this?
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Comments
I agree with Tara. It does not mean the seller can not get another mortgage, it just might take a few years or it might not be a mortage with good terms.
Depending on the sellers situation, the credit hit may be insignificant anyway and she may be able to get a loan immediately.
Doubt it. Every approval letter my sellers have received state it will be reported as settled for less than full balance due- or something to that effect. I don't see them allowing any changes to their form letter.