Many people think…”That if I’m going to lose my house and I’ve messed my credit up so bad what’s the point of trying to do a short sale? I’ll just let the bank have it!”
Well the answer to that is a possible difference of an extra 200 points off your credit score if you have a foreclosure or deed in lieu versus a short sale on your credit history. A short sale will also allow you to bounce back and qualify for a mortgage a lot sooner than a foreclosure or deed in lieu. A foreclosure will take 280 to 300 points off your credit score! That means that if you start off with a credit score of 650 then you could end up with a score of 350!!!! Ouch! A short sale typically takes off 80-100 points. That means that the same 650 credit score will be taken down to 550. A huge difference! You will be more quickly able to qualify again for a mortgage, usually within 18-24 months after a short sale. In the case of a foreclosure it will take 24-36 months before you may qualify again.
So, what’s in it for you is a faster recovery and getting on with your life sooner!
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