Quote:
Originally Posted by lazycash
Even at 1k a month over those 5 years that would be 60k she would pay in rent with nothing to show for it. Instead she can have a $600/mo mortgage payment and save 5k a year. A short sale does not have the same effect as a foreclosure. So I'm guessing since you didn't buy in 2007 you've been renting ever since, is that correct?
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Short sales do effect your ability to qualify for a mortgage. After a deed-in-lieu of foreclosure, preforeclosure sale, or short sale, there is a mandatory waiting period of two years for a loan with an 80% maximum LTV (loan-to-value ratio), or four years for a loan with a 90% LTV. If the borrower can document extenuating circumstances, the waiting period for a loan with a 90% LTV drops to two years.