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Short sales and your credit rating: Better than foreclosure

When you have to go through a short sale, you may be wondering if there are any real benefits to you. For one thing, you may be able to get out of your mortgage and the debt you owe by settling with the lender, so you don't have to make up the difference. Your attorney can help you with a short sale, so you don't have the mark of a foreclosure on your record.

Foreclosure is the only other option next to a short sale if the home has to be sold to obtain compensation for debts owed. If you can show that you're suffering from hardships like losing a job or going through divorce, then you may be able to access a short sale. This kind of sale won't result in a mark of foreclosure on your credit rating, so you may be able to access a new loan sooner.

Both short sales and foreclosures negatively affect your credit, but a short sale won't reduce your credit score as much as a foreclosure. A foreclosure could reduce your score by up to 250 points, which is considerably harder to recover from. Short sales may affect you by 100 points or less, which may not make much of a dent in an otherwise-good credit rating.

Our website has more information on credit ratings and short sales, so you can learn more about the process and what benefits it may offer to you. Your situation is one many people have been in before, and there are ways out of debt that can help you get a fresh start in life.

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