We had to do a short sale a months ago due to a new job overseas. We owed more on our house than it was worth and could not afford to make up the difference. Fortunately, we were never late on our payments and our lender approved our short sale to avoid potential late payments, etc.
We will be overseas for three years and once we return to the USA we will be settling down and want to purchase a home again.
My question is …..is it difficult to purchase a home after having to do a short sale? Will lenders be worried about that? We will have money to put down on a house and have no plans to move after that.
We already sold the house in April and our credit is fine. We were told before that this would be reported to the IRS as income (i.e. the “forgiven” part of the mortgage). We are already in Germany.
I just want to know when the time comes in 3 years to purchase another home, will the short sale in any way hinder us from getting a loan from a lender? Our FICO score is great right now.

This entry was posted on Saturday, May 15th, 2010 at 8:57 pm and is filed under Lender Approved Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.