If I make prior arrangements to pay any shortfall on the sale of my existing house with the bank, can I avoid having it affect my credit? I am considering a move from an overheated market where I am upside down on my mortgage to a stabilized, cheaper market where I'll be able to afford a cheaper mortgage plus make regular payments to settle any shortfall. I've heard that banks won't consider a short sale until you're behind on payments. Would they consider it if I'm a good credit risk with solid income and room to pay off the difference? I am assuming that if I can scrounge the $ beforehand, I'm best off to offer a seller 2nd to a buyer to make the bank whole, right? I need to move for a job, and the market where I live is DEAD.
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