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Why A Short Sale Is More Favorable Than A Foreclosure

1. Minimize The Damage To Your Credit A Short Sale will affect your credit but not as detrimental as a Foreclosure will. A Foreclosure comes with a Final Judgment which remains on your credit report for 7 years. A Short Sale usually is reported as a “settled” account on your credit report. By maintaining prompt payments on other credit lines and diligently working on improving your credit score, you may be able to rebound to a decent credit score within a couple of years. 2. Your Personal Well Being Experiencing a Foreclosure can be emotionally disheartening. The feeling of losing your home to the bank or possible eviction by a bank can lead to many sleepless nights or even tension within your family. Living with the effects of the Final Judgement or Foreclosure on your credit report for 7 years will require possible explanations whenever you apply for credit. A Foreclosure can be mentally devastating. A Short Sale, handled by a Short Sale Realtor, is the sale of your property just like any other real estate transaction except it takes much longer due to the negotiated settlement process required with the bank. You do not get evicted from your home. You ... more

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