If you want to avoid foreclosure and your mortgage is no longer affordable, a real estate short sale is an alternative to foreclosure that can lead to an entirely different and more positive financial outcome.
Here are just a few advantages a short sale has over foreclosure;
- A successfully negotiated short sale will allow you to be eligible for a Fannie Mae-backed mortgage in only two years, as opposed to five years after a foreclosure.
- A short sale, by itself, can lower your credit score by little as 50 points, opposed to the 250 to 300 points in a foreclosure.
- A short sale is currently not explicitly reported on credit reports, thus not impacting current or future employment or security clearances.
Avoiding foreclosure with a real estate short or deed-in-lieu can positively impact your future in more ways than just the few listed above. If you would like to talk about options to avoid foreclosure or if there is anything I can be of help with please let me know.