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?
1 Answer from Attorneys
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.