Most people in foreclosure think their credit is already bad, but they are not aware that it could end up being much worse. At this point you may be behind on your payments, but your credit is not destroyed.
Is a foreclosure permanent?
A foreclosure will put a permanent mark on your credit. A short sale is instead more favorably reported on your credit report as a settlement.
How the bank reports short sales?
Here you can see how the bank reports a short sale on your credit report.
What the bank reports..
As agreed, when we are in receipt of the
proceeds of the sale and all required
documentation, we will amend reporting to
the credit bureau to reflect “agreed
settlement short of full payment”
which should be
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Furthermore, in most cases any 1099(s) and/or Deficiency Judgment(s) will be for significantly smaller amounts (if at all) with a short sale than with a foreclosure. This results in cash savings to you.
And Best Of All, Your Short Sale Is Completely Free!
We cover all of these topics and more in our FAQ Special Report. Enter your information on the left to receive it instantly.
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