1. Your credit score will drop. Since you must be at least 90 days late in your mortgage payments your score will drop around 140 points.
2. If your bank decides to, it can choose to sue you for the difference from the short sale and what you owe.
3. The bank gets the final approval on the sale and it can take them a VERY long time. Many times it's so long that the potential buyer doesn't wait out the whole process.

If you would like to learn more and/or receive assistance with foreclosure, Mortgage Audit, loan modification, bankruptcy or debt settlement, please contact us at (781) 315-4566.