The Impact of Short Sales and Foreclosures on Credit Reports

Please take a few minutes to read this article about what effects a short sale or foreclosure could have on your credit score.

Money quote: "FHA adopted guidelines in 2010 that say a seller who is current and does a short sale may qualify to immediately buy another home. Lenders aren't so quick to follow those guidelines. However, Flagstar Bank gave an Elk Grove short sale seller a new loan within 2 months of closing his short sale, and that seller was current at the time."