I have two houses but i want to keep one and do a short sell in the other house can i do this?
An Anonymous User asked:
how is this going to affect my credit and for how long.
how is this going to affect my credit and for how long.
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You would need to ask the lenders if they will allow a short sale. It won’t affect your credit.
You certainly can try. But it would be surprising if the mortgage holder on the second house is receptive, if you have equity in the house you intend to keep. They would may expect you to take out a second mortgage on the house you are keeping to pay their short sale loss. That could still work out to your benefit if your main objective is to reduce your payments to an amount your can afford.
Have you investigated renting or leasing the house you are not using to raise the money needed to make payments. If not, you should look in to that because it could possibly leave you with manageable payments and growing equity in two properties.
A short sell is an option.
It will show on your credit for several years.
The bank will not except a short sell unless the house has been on the market for a few months. Even then, you will need an offer.
Banks are more willing to work out short sells with the given economy. Just speak with them about your options.
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