For the month of May 2011, Herboso & Associates will post one post per day highlighting the reasons why you should do a short sale before you lose your property to a foreclosure.
31 Reasons WHY
YOU SHOULD DO A SHORT SALE BEFORE
ALLOWING A FORECLOSURE IN YOUR PROPERTY
Day #2 --Reason #2
Your Credit Score
Did you know that a foreclosure on your record could impact your life for the next 7 to 10 years?
No one really can tell you the exact outcome of your credit score since your credit is affected by many variables and add the fact that the FICO score is a constantly evolving process and changes over time.
Understanding also that your credit is also a credit rating composed of three different credit reporting agencies: Equifax, TransUnion and Experian.
How does a short sale affect your credit?
I can begin with comparison to the "Other" alternatives, the foreclosure and a deed in lieu of foreclosure. Based on reports and my experience, a short sale is about 200 points less damaging to your FICO score compared to a foreclosure.
Short sales do not impact your credit scores directly by the actual short sale but the months of late or no payments made on your mortgage leading to the short sale itself.
Of course the less number of late payments, the better your “credit report”…to a certain degree.
Don’t fool yourself that a credit score is the major preoccupation in a short sale. .
Not for a long shot. . a deficiency judgment is your worst enemy.
"Government and Bank Approved Programs Available to Those Who Act"
The Realtor’s Realtor:
The biggest compliment I can have is when colleagues ( other Realtors) call on us to do their OWN short sales. . yes, we helped other Realtors avoid foreclosure as well
- Day #1 Commissions in a short sale. .who pays them?
- Day #2 How does a short sale affects my credit?
- Day #3 What about the deficiency judgment?
- Day #4 No EXPENSES to repair your home before selling!
- Day #5 The HAFA Short Sale Is The Way To GO!
- Day #6 The Relief From Your Lender and IRS
- Day #7 Breaking Out Of A Prison Called Home
- Day #8 The Peace of mind you get after a short sale
- Day #9 Giving Up and Throwing the Towel when a short sale could be your salvation
- Day #10 The Foreclosures that occur because of short sales
- Day #11 It Buys you TIME. . a short sale buys you time
- Day #12 A Short Sale Spells RELIEF. . you can sleep again!
- Day# 13 Avoiding The Dreaded ";F"; word. . .FORECLOSURE
- Day #14 A short sale could save your job if you are a Government employee
- Day #15 Your neighborhood NEEDS YOU. .do a Short Sale!
- Day #16 Do you have a foreclosure on your record? Standard question when applying
- Day #17 Chase Bank will NOT CHASE YOU after a short sale
- Day #18 Avoiding the DOUBLE WHAMMY . .FORECLOSURE AND BANKRUPTCY
- Day #19 It Prevents From Losing The American Dream
- Day #20 You don't face 17 years being with an underwater mortgage
- Day #21 Family first!. .A short sales benefits the quality of your family
- Day #22 The Closure and Satisfaction When You and I close a Short Sale
- Day #23 Avoid Your Lender PHONE CALLS When You Are Behind On Your Mortgage
- Day #24 A short sales benefits the homeowner more than the lender
- Day #25 Short Sales Judgments vs. Foreclosure Judgments
- Day #26 A $3000 gift to you
- Day #27 Are you a homeowner. . . .or just a mortgage owner?
- Day #28 Why Do A Short Sale? . . BECAUSE YOU CAN!
- Day #29 The renting process after a short sale. . .SCARY?
- Day #30 The benefits in choosing the right agent
- Day #31 The Roller Coaster Ride of a Short Sale
Maryland Short Sales Realtor
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