i have a homeowner who owes 608K on a home that is only appraised for 545K. Now, he bought his home a couple years ago when it was reallly easy to get loans and not his interets rate is going to go up. He already has high monthly mortgage payments and he is not going to be able to afford it. I know their is no equity in this home, but is there anything creative I can do to help this guy??
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See if he’ll agree to a short sale. a short sale wont hurt his credit anywhere near a foreclosure would.
I heard last week that they have changed the credit reporting rules.
120 days late
foreclosure
deed in leu
short sale
Are all scored the same when calculating a credit score. What I haven’t been able to get an answer on is… How long do each of those negatives remain on a persons credit record?
I have changed my homeowner scripts and no longer tell them that a short sale is better for their credit than a foreclosure.