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NJHOMES4U NJ homes for sale. My views as a Realtor Emeritus with 51 plus years of selling NJ homes C:609-220-9905
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Showing posts with label troubled sellers. Show all posts
Showing posts with label troubled sellers. Show all posts
Thursday, February 7, 2013
Monday, December 5, 2011
Short Sale or Foreclosure?
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
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
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