As with any bankruptcy problem, a solution is never clear cut and easy, and they all have their disadvantages. For homeowners who find themselves owing more on a mortgage than what a home is worth, a short sale may be the best option.

Many homeowners who consider short selling their home wonder when they will be able to buy a home again, or even rent an apartment. Before the recession and depreciating home values occurred, people who short sold their homes could not buy a home again for at least two years following the short sale. However, the rules have changed in the dynamic housing market, and now buying a home after a short sale depends on specific characteristics of the buyer. For example, military families should not have trouble buying a home after short selling their previous home because of extentuating circumstances.

Renting an apartment or home can be difficult after a short sale because landlords may have concerns renting to people who have been in this situation. However, many landlords will rent to people who offer the first and last months' rent up front, along with a security deposit.

If you or someone you love is considering short selling a home and would like more information on the process, please contact the Maryland short sale attorneys of Chaifetz & Coyle, P.C., at 443-546-4608.