Re: 2012 (current info) on the impact of a short sale without late payments.[ Edited ]
10-01-2012 01:42 PM - edited 10-01-2012 01:48 PM
The damage comes from them reported "settled for less than full balance", as opposed to "paid as agreed". You'll face a waiting period (3 years I believe for FHA) to get another mortgage, because short sales are treated the same as foreclosure for mortgage underwriting. And with a short sale in your past you'll be "thoroughly" studied by underwriting. So if you can swing remaining current that will help you if you want to get underwritten for another mortgage any time soon.
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 4/2/2011 EQ 682 1/14/2011 TU 665
Current Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
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