Will a Short Sale or Foreclosure affect my BI?

[WAR34]

I'm trying to lateral from MPDC to a TX agency in the future. We are currently in the process of a short sale on my home b/c my spouse is in military and has to relocate to TX. You all know the market is upside down.
Will this Short sale on my credit affect my BI?:

[GR217]

The housing market is horrible right now. I am sure any BI should realize that. You will probably have to explain this, but I can't image it being a huge issue. It's not like you are being foreclosed on or filing bankruptcy. Given your situation, wife relocating etc.... I would think that a short sale is very reasonable, and does not show poor decision making, or immaturity or a temptation to take a bribe. Which is why they look at credit history anyways. I am trying to sell my house now, and would gladly take a short sale. Just make sure that in the paper work it says that it is a short sale "WITHOUT RECOURSE". That means that the bank can not come back to you later for the difference. If it does not say that, then the bank can try to collect or sue, for the difference.

[theole34]

also, research tax liability on short sale. debt vs market value.
a decent accountant schooled in tax law can assist. some guys have been hit hard with 1099s later on.

good luck.