In case your clients ask, one can really screw up their options and ability to get a good loan. One of my agents called me yesterday, as a former client of hers from a year ago sold their house and thought that since they sold, and it was under a notice of default (though not a short sale) that they would retain their good credit. They applied for a new loan at a bank yesterday, and the missed payments on their previous mortgage showed up, as expected, but they thought they were out of the woods. Not so:
So, one can see how missing a payment can really screw you up.
Here, it shows how a foreclosure can really mess up your credit