According to the FICO Banking Analytics Blog there is no difference in how a short sale and foreclosure affects a consumer's credit. This may be true in theory, but the reality is that no two borrowers' situations are exactly alike, and that short sales have consistently had a lesser impact on credit scores than foreclosure.
I've put together a free report that compares short vs. foreclosure so homeowners can make an educated decision about how to proceed when faced with this challenging situation. It can be downloaded at the following site:
If someone you know is thinking about just walking away from an unaffordable mortgage, have them give me a call. I can navigate them through a process to avoid foreclosure and provide for a more stable financial and emotional future.
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