Short Sale Vs. Foreclosure
http://www.wecallyourbank.com/FREE/shortsalevsforeclosure.pdf
As you can see from the attachment their are a lot of advantages to doing a short sale over a foreclosure with your bank. You can see that it will take 5-7 to get financing with Fannie Mae if you lose a house to foreclosure, it’s only 2 years with a short sale. According to this document there is about a difference of 250 points with your credit score when doing a short sale vs. a foreclosure. A full foreclosure can affect security clearance, it can affect employment and credit checks in the future. Short sales will often come with a lower deficiency judgment. Often you can negotiate no deficiency with a short sale, with a professional negotiator. We negotiate short sales for a living, please see the overwelming reasons to do a short sale.
http://www.wecallyourbank.com/FREE/shortsalevsforeclosure.pdf
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