Questions on Foreclosure & Short Sale?

Way too many questions....If you short sale a home, you need to have a financial hardship. You will also need to submit all info on banks, payroll, etc. If the home in your husbands name, and yours, they will want all documents. If you have savings bonds and 401k, it could be considered retirement income. Some 401k's don't allow you to take from them for financial hardships, so this aspect will vary. Your credit history isn't destroyed by the short sale. It's damaged as a result of the hardship. Generally, you can't get approved for a short sale until you are at least 2 months behind on your payments. A Short sale will damage your credit for 2-3 years. A foreclosure will damage your credit for about 10 years. Again, make sure you have a true financial hardship. How do you know? Was the hardship a result of something beyond your control....for example, lost job, illness, job relocation, etc. A lot of your question will also depend on which state your are in. If you are in Missouri, St. Louis/St. Charles area, send me a personal message and I'll see if I can help.