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Things to Remember When Deciding Whether to Short Sale Your Nevada Home
Things to Remember When Deciding Whether to Short Sale Your Nevada Home
Deciding whether or not to short sale your Nevada home is a big decision. It is not for the faint of heart, and is not a solution simply because you are unhappy your home is worth less than when you bought it. For a homeowner to successfully short sale a home, they need to be experiencing a genuine financial hardship. Once you have established that you are eligible for a short sale, it’s important to understand how a short sale will impact you – negatively. Primarily, a short sale will impact you in three ways: credit damage, tax liability and remaining debt liability.
First, let’s discuss the credit damage. A short sale will negatively impact your credit – don’t let anyone tell you otherwise. However, in a general sense, it usually impacts your credit less severely than a foreclosure. Since credit scores are determined by complex formulas that consider a specific collection of credit reporting data which is different for each person, it is difficult to explain the impact of a short sale in any meaningful way for any one person. It’s important to realize that the real credit harm of a short sale ... more

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