I'm beginning the process of short selling my property in order to save my credit. ANY ADVICE FROM FOLKS?
Dec 25, 2008 Credit Advice
WHO HAVE DONE THIS ALREADY! My mortgage company is Wamu.
Be sure to get an agreement that releases you from a deficiency judgement in the future from WaMu.
That way if they sell your home for $30k less than you owed they will not get a judgement against you for the $30k deficiency. Be sure that the wording "released from deficiency" is in the agreement somewhere.
It will still show up on your credit that you did not pay off your mortgage but it will not show up with a judgement against you.
December 25th, 2008 at 2:07 am
A short sale isn't going to save your credit. It is merely a form of 'voluntary foreclosure', and will ding your credit almost as badly as will a foreclosure. A short sale still indicates to others that you did not fulfill the financial obligations of an agreement which you signed.
It will show up in your credit file, and it will drop your score substantially.
References :
December 25th, 2008 at 2:45 am
Be sure to get an agreement that releases you from a deficiency judgement in the future from WaMu.
That way if they sell your home for $30k less than you owed they will not get a judgement against you for the $30k deficiency. Be sure that the wording "released from deficiency" is in the agreement somewhere.
It will still show up on your credit that you did not pay off your mortgage but it will not show up with a judgement against you.
References :