I am concerned about my credit - how will a Short Sale affect my credit?
Late payments leading up to a Short Sale will negatively impact your credit. However, if your bank accepts a Short Sale and does not negatively report, the short sale will not in itself negatively impact your credit score. For sellers, the key advantage to selling in a short sale is avoiding foreclosure. A Short Sale does less damage to a person's credit report than a foreclosure. It's also less detrimental than a "deed in Lieu" (of foreclosure), in which a borrower gives the lender the keys to the house and stops paying the loan.
"Our life and future was in your hands and you all did everything to make sure we had a bright future!" JJ & Holly
If you are facing the possibility of loosing your home to foreclosure, remember, it's not your only option! There is a huge difference between life AFTER foreclosure and life WITHOUT foreclosure.
To find out more about how a short sale can affect your credit or for more information on the short sale process, call Team cook today - we ARE Certified Distressed Property Experts! 970-532-2695