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UplandCitizen
Posts: 54
Registered: ‎10-18-2012
Re: 2012 (current info) on the impact of a short sale without late payments.
[ Edited ]

I've am selling my house via short sale.  I have made all payments except October's payment because the sale is suppose to be completed soon.  BofA advised that they only report a late payment after 30 days of being late and since the short sale will be done before the 30 days, I will close without any 30 day lates.   I will let you know how this affects my credit, but this could be a couple months from now.

 

As for FHA loans, it is my understanding that as long as you do not have an 30 days lates prior to a short sale, you would be eligible to obtain an FHA mortgage as long as the property is smaller than your original property. 

EQ: 806 (10/10/2012)
TU: 811 (11/25/2012)

After Short Sale 11/20/12:
EQ: 694 (12/1/2012)
TU: 677 (12/5/2012)