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Short Sales and Foreclosures Damage Credit
Recently we have been receiving a number of phone calls from would be buyers that feel they can buy a home right away because their agents falsely advised them that no damage was done to their credit. This blog post was precipitated by those direct consumer inquiries. 
I don't think this should come to a surprise to anyone in the real estate industry.  I real a lot of Blogs and real estate ads where agents are making pretty much false claims that 'Short Sales' are not "foreclosures" but they are.  "Avoid foreclosure" claims may just be a half-truth. The fact of the mattter is that short sales are just a less litigious and formal foreclosure process.  "Jingle keys" or "deed in lieu of foreclosures" basically damage the owners credit for some time to come.  It is a pre-emptive turning the keys over to the bank or trying to force a lender to accept less than what was agreed upon for repayment of the loan.  It is a deficiency and avoidance in principle and interest owed.  Real estate agents in Georgia are reminded that under state law that advising a homeowners of the tax and the consequences of a short sale is basically left to lawyers ... more

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