It's
true that you will experience a drop in your credit rating following a
short sale, however if you see yourself owning another home again in a
couple of years then it will definitely be beneficial. Under current
Fannie Mae and Freddie Mac guidelines you will have to wait between 5
and 7 years to qualify for another mortgage.
Following it that wait will be as little as two years and in some cases maybe less. Foreclosures are reported twice on your credit report once by the lender and once in the public records section, a foreclosure on your credit report will be there for at least 7 years.
Following it that wait will be as little as two years and in some cases maybe less. Foreclosures are reported twice on your credit report once by the lender and once in the public records section, a foreclosure on your credit report will be there for at least 7 years.
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