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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Short sale is not a judgment, deed-in-lieu, or a foreclosure! Posted by tiffany on January 23, 2007 at 9:02 PM In Reply to: Short sale is not a judgment, deed-in-lieu, or a foreclosure! posted by Ward-CA- on May 18, 2002 at 8:57 PM : : 9 years ago, my home value dropped 40% in 6 months due to a military base closing near my home (it was supporting the community). My business was drastically affected & I was forced to close down and move out of the community. The bank agreed to a short sale. After 9 years, I have finally recovered and am in the financial position to buy a home. My credit is excellent, I have no debt and can even put 25% down if necessary. Question: On a bank loan application, I am asked if I was ever obligated on any loan which resulted in foreclosure,, transfer of title in lieu of foreclosure or judgment. I'm assuming this would include a short sale. When I disclose it, will it affect my getting a loan? And if I do not disclose it, will I really be liable for criminal penalty? I have never filed for bankruptcy and have never had any other judgements against me. Thanks! : =•=•=•=•=•=•=•=•=•=•=•= : : Answer: Your initial assumption is incorrect. A short sale is not understood to be nor ever described in terms of a judgment, a deed-in-lieu or a foreclosure. So if you’re just asked to own up to any of those three items then you’re not required to disclose something distinctly different—a short sale incident. : If you do not disclose a short sale incident that occurred 9 years ago, that you’re not obliged to do so whatsoever, then you’re not liable for any criminal wrongdoing. : So, good luck to you on your new home. I am trying to sell my condo because my mortgage payments are too high and they are high interest loans. I got in over my head financially and so have to sell, my realtor tells me that a short sale will affect my credit fr 3 years. Is this true? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : 9 years ago, my home value dropped 40% in 6 months due to a military base closing near my home (it was supporting the community). My business was drastically affected & I was forced to close down and move out of the community. The bank agreed to a short sale. After 9 years, I have finally recovered and am in the financial position to buy a home. My credit is excellent, I have no debt and can even put 25% down if necessary. Question: On a bank loan application, I am asked if I was ever obligated on any loan which resulted in foreclosure,, transfer of title in lieu of foreclosure or judgment. I'm assuming this would include a short sale. When I disclose it, will it affect my getting a loan? And if I do not disclose it, will I really be liable for criminal penalty? I have never filed for bankruptcy and have never had any other judgements against me. Thanks! : : =•=•=•=•=•=•=•=•=•=•=•= : : : : Answer: Your initial assumption is incorrect. A short sale is not understood to be nor ever described in terms of a judgment, a deed-in-lieu or a foreclosure. So if you’re just asked to own up to any of those three items then you’re not required to disclose something distinctly different—a short sale incident. : : If you do not disclose a short sale incident that occurred 9 years ago, that you’re not obliged to do so whatsoever, then you’re not liable for any criminal wrongdoing. : : So, good luck to you on your new home. : I am trying to sell my condo because my mortgage payments are too high and they are : high interest loans. I got in over my head financially and so have to : sell, my realtor tells me that a short sale will affect my credit : fr 3 years. Is this true? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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