Your choice of how to handle your delinquency may affect your credit report. A foreclosure will remain on your credit report for 7 years.
If you choose to let your home go to trough a short sale and . .
Assuming the rest of your credit is good, you maybe able to buy another home in 2 years.
A short sale is only a good option if you are going directly to a foreclosure.
Even if a short sale does not happen. . at least it will buy you time in case you something changes in your situation and you can avoid foreclosure by paying back and/or modifying your loan.
The goverment could come up with something that could help you directly. . .several proposals are up for votes to assist homeowners.
Bottom line here. . is that you should definitely consider a short sale when a foreclosure is eminent
Contact me at Fernando@ReallyNiceHomes.com for more info
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