http://shortsalesr.us/short-sale-how-to/short-sales-effect-on-credit/ Selling a House When You Cannot Pay Off the Bank Sat, 05 May 2012 23:57:31 -0700 hourly 1 http://wordpress.org/?v=3.1.3 http://shortsalesr.us/short-sale-how-to/short-sales-effect-on-credit/comment-page-1/#comment-11 Keith Larson Wed, 18 Mar 2009 11:28:58 +0000 http://shortsalesr.us/?p=132#comment-11 It appears that the sound resolution for a distressed seller (owner) would be the short sale vs foreclosure/bankruptcy in terms of credit effect. While I owned a credit bureau (reporting agency) twelve years ago, the term short sale was a mute point and not heard throughout the industry. This was a result of high interest rates of 12% or greater which meant a more qualfied buyer who most likely put down sufficient funds which committed them to repayment.Subsequent lending practices beginning after 1999 created new avenues of cost free lending which initiated less personal responsibility and ushered in the current mess. The short sale seems the best alternative for those folks finding no solution to the differance between debt due and asset availability. Thanks for bringing this option to light, and I can see where it will enhance my expertise in Real Estate sales/marketing,and client relationships. It appears that the sound resolution for a distressed seller (owner) would be the short sale vs foreclosure/bankruptcy in terms of credit effect. While I owned a credit bureau (reporting agency) twelve years ago, the term short sale was a mute point and not heard throughout the industry. This was a result of high interest rates of 12% or greater which meant a more qualfied buyer who most likely put down sufficient funds which committed them to repayment.Subsequent lending practices beginning after 1999 created new avenues of cost free lending which initiated less personal responsibility and ushered in the current mess. The short sale seems the best alternative for those folks finding no solution to the differance between debt due and asset availability. Thanks for bringing this option to light, and I can see where it will enhance my expertise in Real Estate sales/marketing,and client relationships.

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