Thursday, September 23, 2010
Why is it to My Advantage to Short Sale?
A foreclosure can impact your credit far more, especially in the long term. In fact, some banks don't report a short sale. In addition, in the event of a foreclosure, in many states the lender will seek a deficiency judgment in the amount you owe. They could even come after other properties and assets of yours, including vehicles. Your credit could recover from a short sale in less than two years, where as a foreclosure or bankruptcy can take 7-10 years.