Troubled sellers often ask me; "Since I do not have any equity, why should I go thru the hassle of a Short Sale when I can do a Deed in Lieu of Foreclosure or just let my home go to Sheriff Sale/Foreclosure?" Here is the big reason why it is better to do a Short Sale. Either option will adversely effect your credit score however a Short Sale will have less impact and recovery time will be shorter.
Short Sale = about 150-200 points off your credit score and recovery time = 24 months
Foreclosure or Deed in Lieu of Foreclosure = 250+ points off your credit score and recovery time = 60 months
Monday, December 5, 2011
Short Sale or Foreclosure?
Labels:
Foreclosure
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No equity
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Selling a home
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Short Sale
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troubled sellers
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