Short sale does hurt credit score and ability to buy another house for 3 years. The question is now, which is more important, the house or family? My think is not everyone should own a home just because.
Given their "debt" circumstances, it will take at least 5 years to pay CCs and student loans, at minimum or even longer. While renting lowers the total household expenses (no property tax, home repairs, cheaper energy/rent cost etc...) significantly, the second they have extra money (after establishing EF and retirement contributions) left over $$ should be focus retiring their debt completely while maintaining "sound" family budgeting. At that point, credit scores should improved.
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Carpe Diem
Last edited by tripods68 : 10-26-2009 at 02:48 PM.
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