It is true that a short sale is a great option to have when you are having trouble making your mortgage payments, but assuming it will not affect your credit rating
in any way is not true. When you short sale, you have essentially “not paid as agreed” and this will reflect in your credit file. Even if you don’t use the option to short sale and simply miss your home loan payments, it will affect your credit rating and FICO score.
HOW LONG DOES A SHORT SALE TAKE?
A short sale
can take anywhere from several weeks to a few months to get approved. It is important for homeowners to be aware of this and be patient. A short sale negotiator who is familiar and experienced in dealing with such situations can be of great value in helping to move the approval process