What is the process of a shortsale of a house, and the consequences.?

Question

What is the process of a shortsale of a house, and the consequences.?

Answer 1

Short sale it is a long  ( can be 3-4 mts) negotiating process with your lender who need to agree to sell your property for less, then what you actually own. There is a lot of real estate professionals and attorneys to help you with the whole process and my advise to you is to use one if that is what you want to do.( they don't charge people up front- bank paying them commission on the closing).Short sale is a much less damaging for your credit , then foreclosure. - to apply for mortgage after foreclosure you have wait 4 years now, after short sale- you can do this after 2 years ( if banks will not change the guidelines)