Posted by Leslie | Posted in Dog Apparel | Posted on 08-12-2007
Sale Sale
After my credit has already dropped 130 points from late payments, is a short sale better than a Deed in L?
We are 150 days late on our mortgage payments and in the middle of a Deed in L. of Foreclosure, but we can now possibly complete a Short Sale. Will a short sale benefit our credit and ability to buy another home sooner than a Deed in L? Thanks.
D-I-L is FORECLOSURE and will be treated as such on your credit, it will say Foreclosure. Typically a short sale will show on your credit as "Paid in Full, but less then agreed" or "Settled in Full" or something to these effects. I can assure you that it is much better then for it to say "Foreclosure"
A foreclosure will prevent you from purchasing a home, using a mortgage, for between 8-10 years.
A short sale will prevent you for 2-3 years. Remember though, you will still need to work on your credit during that time. Also remember, in the short sale process, it is a NEGOTIATION, you can ask for things (like to be reported "Paid In Full" but very hard to get, but it is possible), or no deficiency ability for the lender, etc. If you foreclose, you lose all that negotiation power and you lose all your ability to help yourself.
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