If you are planning to do a short sale on your home then you need to take into consideration the effects this will have on your credit and your ability to get an FHA loan. FHA has become the new "sub-prime" and to qualify for an FHA loan you must not have done a short sale “to take advantage of declining market conditions” or to purchase another property at a reduced price.
When you do buy another house you ought to work with a lender that specializes in short sale financing. Short sale lenders have a better understanding f the complexities of this type of transaction.
Starting in April 2010, lenders will only have 10 days to respond to a short sale offer. This will speed up the process.
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