Q:
Hi, I have a two properties that are in a upside down state and I’m considering short selling them. They are investment properties. My question is after reading your article is that as long payments are still being made during the time it takes to sell my credit score will not be affected?
Thanks for your response in advance.
A:
Hello, thanks for the question about short sales. This is a common problem across the U.S. Short sales do have there advantages if you can get someone to buy your property fairly quickly .Typically during a short sale process you will have to show the bank your hardship.
Also you will be told not to pay your mortgage payment, if you don’t pay it yes it will affect your credit score, if you do pay the mortgage your credit score should not be affected. Make sure you don’t charge up your credit cards, or have any other late payments on your credit report.
CreditGuru
CreditScoreQuick.com
