Valued Contributor
Posts: 1,063
Registered: ‎05-26-2010
Re: 2012 (current info) on the impact of a short sale without late payments.
[ Edited ]

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.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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