NBR: short sale?

Daisygirl613

what exactly does that mean? how does it affect your credit, etc?

maykat

It means that you are selling your house "short" of the value of the remaining loan. The bank that holds your mortgage has to agree to the short sale amount. Often there is a negotiator involved that will broker the deal between the buyer and the bank.  It does affect your credit.

here's an article:

https://homebuying.about.com/od/4closureshortsales/qt/060907SScredit.htm

seansgirl2006

Sucks big time for your credit from what I understand. My mom is currently doing it. They bought their house in FL when the market was inflated and it's worth a hundred thousan less now. The bank said they would have to default their loan first and they had to meet criteria to be able to do it. They were losing so much money even renting it that they had to sell. She's never had anything bad on her credit and is so disappointed to have to do this. Sucks

Alison422

We are doing this now.  I will e-mail you about the crap we have had to go through.

Daisygirl613

Alison422:

We are doing this now.  I will e-mail you about the crap we have had to go through.

thanks alison.  

and thanks girls for the info!!