Short Sale Advantages

Short sales appear on your credit report as “pre-foreclosure in redemption”, sometimes it will show “settlement paid infull”, not as “debt discharged due to foreclosure”

Less impact on your credit score

All mortgage debt is fully discharged

Source: Dual upside to foreclosure alternative, (The Early Show (CBS))

Many clients ask the question what will happen to my credit?  The answer is a Short Sale will have much less impact on your credit.  I have several clients that have been able to buy a new home after a Short Sale.

Filed under: Facing Foreclosure?, Short Sale Legal Implications, Short Sale Lender, Short Sale Negotiation, Short Sales Info