As of February 2012, new rules pertaining to Short Sales have been implemented designed to help preserve the credit of Short Sale seller’s who aside from not being able to pay, are current on their credit obligations.

Prior to February 2012, Short Sales were treated as a settlement which would impact your credit score by hundreds of points, and would take many years for your credit to recover.

These new rules treat the Short Sale payoff with neutral ratings, which will effect the homeowners credit less dramatically than they have in the past.

If you should have any questions or would like more information regarding this topic, please do not hesitate in commenting this post or feel free to email or call (718) 377-7798 to speak with Michael Reinhardt.

DISCLAIMER:

The use of the Internet or this forum for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this forum. This information is for general information only and should not be relied upon without consulting with an attorney.