Legal Question in Real Estate Law in California

Is it true recent legislation in California is diminishing the penalty lenders extract from short sale sellers in the event they wish to purchase a home again within a year, assuming their credit is good and their employment good?

Asked on 9/10/10, 10:22 am

1 Answer from Attorneys

Terry A. Nelson Nelson & Lawless

Your 'assumption' is way off base. A short sale will knock at least 200-300 points off your credit, and will actually disqualify you from obtaining any mortgage financing for at least 3-5 years. A foreclosure is even worse on both counts.

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Answered on 9/15/10, 4:32 pm

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