Over the next few weeks, I will break down some frequently asked questions explaining the difference between a foreclosure and a short sale. Be aware that short sales can be complicated so using a professional certified in dealing with them is highly recommended.
How a short sale and a foreclosure affect your ability to purchase another home in the future:
These are general rules and pertain to both primary and investment properties. In some cases there are circumstances that could affect this rule, visit www.efanniemae.com for more information. A foreclosure will make you ineligible for Fannie Mae backed mortgage for up to 7 years. If you can successfully negotiate your way through a short sale you will be eligible for a Fannie Mae backed mortgage in as little as 2 years.
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