Credit Consequences

Again, I am not a credit advisor. What follows is just basic information concerning the average short sale according to recent reports.

The credit consequences of a short sale and foreclosure vary. Generally, a short sale will show up on your credit report as a ”settlement" or “settlement for less than owed” Also, in many cases, payments were not being made, so there will also be some “lates” on your credit report. Neither of these marks is a good thing to have but it’s possible to get them off of your credit report within a few years or less. We work agressively with an individual who assists in these situations. Please feel free to check out this website at www.clearvision.improvecreditstore.com. Please click on the box for free information on fixing your credit and getting back to a normal situation, sooner than later.

While it is true that a sale can drop your credit score by 80-100 points, there is also the possibility that through negotiation with the lender you can avoid having the short sale reported to a credit agency. This is not guaranteed, but it is possible.

A foreclosure on your credit report can take 7-10 years to remove and can bring your credit rating (FICO score) down on average of 200-280 points. This is a huge hit.

Thus, if you have no better alternatives in your situation, it is generally better to pursue a short sale and avoid foreclosure. But again, please talk to an attorney first to see what direction is best for you.