Farmington Hills short sales questions if you are sellerIf you are a seller of a Farmington Hills home you may have some short sales questions like how will a short sale affect your credit? A short sale on your Farmington Hills 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 Farmington hills home. Remember if you have not made mortgage payments in 3 months or more a bank is going to look at those lack of payments just like a foreclosure. If you are ninety days late banks don't like that. 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 Farmington Hills home. If you have more questions, feel free to call me or email me. 313-310-9855 http://www.detroitmichiganrealestatehomes.com/00578E Posted on Sep 21, 2011 @ 10:32 am by russ.ravary - View Profile
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