avoiding foreclosure california

Previously prefect credit and a short sale question?

My fiance has perfect top notch credit. Two years ago he bought a condo (already in foreclosure) for 284,000 . If he sells it with a shortsale how horrible will his credit score go down? Will it effect him real bad even though he already has a top of the line credit score or should he forget about ever having good credit again?

The rule of the new way banks are to loan money to anyone and is a very bad Idea.
What you must understand is? How much equity do you have in the condo, and usually a short sale is when a broker or a private buyer buys it from you and leaves the bank crying?
So lets say the condo is worth 300K and is falling into closure at 284K,
A short sale is a buy out and should not effect you credit at all? Unless some other deal is on the table?
Banks see short sales as stealing from them? It’s kinda funny?

If the condo was in foreclosure for 284K and you are looking into a short sale, for Alot less? Yes then you may have a credit problem? But if the bank has it in list price of 284K you are free and clear from credit problems.

The economics of todays standards are the worst for sellers and great for buyers, the dow has dropped so much in the fear of the banks lending money to people that have some and none at credit. If I had a buyer in a short sale and I would lose 15K/30K its better to lose a little than the whole 284K.

avoiding foreclosure california