How does a short sale affect my credit and ability to get another mortgage in Alaska?

@yasmin.eichmann 

A short sale can have a significant impact on your credit and ability to obtain another mortgage in Alaska. Here are some key points to consider:

1. Credit Score: A short sale can lower your credit score by around 100 to 150 points. This drop depends on factors such as your previous credit history and the current condition of your credit report.
2. Credit History: A short sale will stay on your credit report for seven years, which can negatively affect your creditworthiness and how lenders perceive you as a borrower.
3. Mortgage Approval: After a short sale, obtaining another mortgage can become challenging. Many lenders have specific waiting periods before they will consider providing a mortgage to someone who has undergone a short sale. Typically, this waiting period can range from two to seven years, depending on the type of financing you are seeking.
4. Interest Rates and Terms: Even after the waiting period, you may face higher interest rates and less favorable terms compared to those with a clean credit history.
5. Lender's Perspective: Lenders may view a short sale negatively as it indicates a failure to fulfill your financial obligation and may raise concerns about your ability to handle future mortgage payments.

It's important to note that individual circumstances may vary, and it's advisable to consult with a mortgage professional or credit counselor to understand your specific situation and explore options to rebuild your credit and improve your ability to secure another mortgage in the future.