Benefits of a Short Sale VS Foreclosure
You might be facing a possible foreclosure on your home or even bankruptcy that has led you to the question of whether to just walk away and allow the lender to foreclose your property. However, allowing this to happen will greatly impact a lot of factors in your life, most especially your credit. This is why it is important that you should consider short selling your home.
There are many advantages and benefits of a short sale VS foreclosure. The most important benefits of a short sale vs. foreclosure are related to your current credit, your future credit, your employment opportunities, and your deficiency liability. If you are still considering foreclosure rather than short selling your property, here are some of the benefits and the advantages of a short sale that might change your mind.
Benefit # 1: A Short Sale Has Lesser Impact on your Credit Score
A short sale, while still affecting your credit score, only has a minimal effect on it. An average of a fifty point deduction from the credit score usually follows a short sale on a property. Late payments usually have the biggest negative impact on credit scores after a short sale has been performed. These can affect your credit score with a thirty point deduction each
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