Short Sales are still a relatively new concept. Banks have the option of submitting the short sale to the credit bureau as “Paid in Full” or “Settled for less than full balance”. As far as your credit score is concerned, there is no evidence whatsoever to support that a short sale will lower your credit score. Some have the idea that this is like a bankruptcy or a foreclosure. That’s far from the truth! In a short sale, the lender is simply allowing you to pay less than you owe!
If you are currently behind on your mortgage or facing foreclosure, the short sale will actually help your credit! How? Because once you are approved for the short sale, all collection activity will STOP and you will avoid foreclosure!
Please visit our website at www.JonMahoney.com
For a detailed 11 page report on specific information on How’s The Market in your specific area or for a FREE market analysis for your property, Please contact Jon Mahoney at (805) 689-0532
Looking to buy or sell a luxury estate, home, condominium or investment property?
Let us help you find everything you need to know about buying or selling a home. Call or email us today!
Comments(1)