I am stuck in a rental property with no hope of refi or mortgage mod. I have heard from a couple of people that there is a way to do a short sale without hurting my credit. I was wondering if someone could point me in the right direction? Thank you so much and have a great day.
A short sale is going to hurt your credit. They could be talking about doing a subject to. That would actually improve your credit because it would show your payments are caught up (of course your credit, as it pertains to that loan, would then be in the hands of whoever is taking it over).
A short sale often appears on a credit report as “settled”, “paid as agreed,” “paid as less than agreed” or something similar. It is likely that your credit score will take a bit of a hit, but obviously, not nearly as much as it would with a foreclosure on your credit history. An experienced short sale negotiator may be able to negotiate more favorable terms that lessen the impact on your credit, but again some negative impact is still likely.
Would getting a real estate attorney work well for this? Also my grandparents have offered to do the short sale would that help that I have buyers?