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Short Sales
Selling a home for less than the mortgage balance and trying to get the lender to forgive the unpaid balance. A reason that some folks consider a "short sale" instead of a foreclosure is to try to protect one's credit history. The seller of a short sale is usually behind at least one payment and can not keep up with the current mortgage. A short sale of a residential property is still owned by the owner, but the owner is usually behind in their payments and the price listed is short of what is needed to pay off the mortgage and closing costs (fees to complete the transaction). There is no guarantee that the bank will accept a short sale even if the owner offers the full list price, and the response time from a bank on an offer can take up to six months. There is no specific rule of thumb as to how long or to what extent one's credit is affected. At this point, a worse case scenario would be that with a short-sale showing up on one's credit report, one could expect to have to wait up to 2 years to be able to qualify for a mortgage to purchase another home. With short sales, as with foreclosures, these homes are usually quite undervalued, so usually a buyer can pick one up way below market value.
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