Can I Short Sale My Home?

Can I short sale my Orchard Lake home is a common question now days.  If you are a seller of a Orchard Lake home you may have some short sales questions like how will a short sale affect your credit?

How a short sale affects your credit boils done to how the bank will report it.  A short sale on your Orchard Lake home will affect your credit if the bank puts it on your credit report.   If they report a short sale or if the bank reports that it was settled for less than what was owed it will affect your credit.

A report of a short sale on your credit report is as bad as a foreclosure on your credit report.  Don’t let any real estate agent tell you other wise.

If you do a short sale most banks will not let you do an FHA loan for 3 years just like a foreclosure.  The only way a short sale will not show up is if you get the bank TO AGREE IN WRITING THAT THEY WILL NOT REPORT THE SHORT SALE ON YOUR CREDIT REPORT. 

That can be done.  Especially is you have not made any late payments on your Orchard Lake home.  Remember if you have not made mortgage payments in 3 months or more a bank is going to look at late payments just like a foreclosure.  If you are ninety days late banks will hate that.  90 day lates on your credit report is a kiss of death.  It is better to have a single 30 day late than a bunch of 90 day lates.

So I hope this answered your questions about doing a short sale on your Orchard Lake home.  If you have more questions, feel free to call me or email me.

Cell (248)310-6239

Email yesmyrealtor@gmail.com

Searching for an All Sports Lake in Oakland County Michigan

Learn more about Wormer Lake and the Orchard Lake Sales that have taken place so far. 

Watch this short informational Pine Lake Video

you'll love what you see on Big Seven Lake

$418,900

6056 Lochmore Drive

Commerce Township, MI

Beds: 2 • Baths: 2 full/1 partial

$259,000

8840 MINNE WANNA Road

Independence Township, MI

Beds: 3 • Baths: 1 full/1 partial

$1,475.00

14201 PROSPECT Street

Dearborn, MI

Beds: 0 • Baths: 0

$975.00

995 N Cass Lake Road

Waterford Township, MI

Beds: 1 • Baths: 1 full

$510,000

23460 Coventry Woods Lane

Southfield, MI

Beds: 4 • Baths: 2 full/1 partial

Homes For Sale South Lyon Michigan

Internet Marketing - Orchard Lake homes for sale

Maple Hill Subdivision Northville Michigan

Scoring your Credit - How's your FICO?

The Home Inspector is Coming - Clarkston Real Estate

Sellers Disclosures