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How long does a short sale stay on your credit report

Providence, RI |

We had a short sale on our home in Florida in 2009 and today we were denied a loan.When will this go away

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Attorney answers 1


Credit reports don't really use the phrase "short sale" in the context of issuing negative report entries. A "short sale" is when you sell the property for less than what is owed, and the lender agrees to the sale - sometime writing off the balance entirely and sometimes coming after you for the balance. Either way, this shortage is reported as bad debt, and it can remain reported as such for at least 7 years, depending on how it is reported, etc.

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