Buying Again After Completing a Short Sale or Foreclosure

For many sellers who are trying to sell their homes in this declining real estate market a short sale is an option being considered. Here , they accept a selling price that is less than the balance on their existing mortgage in the hope that their lender will allow the sale to be completed and accept a lower payoff than what is owed. While those accomplishing this will suffer a decline in their credit score, they will most likely be able to purchase again within 2 years. For those who are foreclosed on , expect to wait at least 7 years. Read more

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