Everyone - How did your short sale affect your credit???

[Anonymous]

How did your short sale go? How did it impact your credit? 

I have seen many questions from the last year or so by people about to go through a short sale, wondering how it will affect their credit. And everyone helpfully tried to guess what the impact might be. I only found one person who had posted about the outcome of her short sale and the impact on her credit.

Sooo... will any of those people post the results of how it turned out? Were you able to succesfully complete the short sale? And if so, and most importantly , what did it do to your credit?

Were you late on payments also? How did the bank report it? Did you dispute that? How many points did it knock you down?

Im sure there are lots of people considering a short sale that would love to hear how yours turned out, if you wouldnt mind taking the time to post it for us.

Thanks!

AP

[Anonymous]

We had a short sale over 4 yrs ago, we had to or I should say the realtor had to keep putting pressure on the bank to move a little more quickly on the paper work, but all in all it went through, we lost money didn't come out with any money, and the (countrywide accepted the offer sent us a release of  debt)

we thought this was good until years later when trying to apply for a new mortgage(we were ready to go to escrow) found out we had a caivrs and it stopped the loan.  we disputed it it was stated as paid by settlement for less the the amount owed.)     however countrywide submitted a claim to mip for the difference and got paid the balance.(we were never notified about this)  so they were paid in full but still would not correct the statement.

banks, loan companies look at a short sale as a foreclosure.   I think this is wrong, since we sold the home, (we could have walked away and filed bk but didn't) our short sale was due to extended unemployment.   Until the 3 yrs were up and then some it ca be difficult to get a loan.  after 3 yrs the cavirs went away and we were considered a first time homeowner.   I hope this helps.