Selling your home as a short sale can not only save valuable credit score points but also reduce the time frame in which you can once again purchase a home. A successful short sale may lower your credit score as little as 50 points. This drop in credit score can also be brief, credit can be restored in as little as 12-18 months. A foreclosure can often reduce a credit score more then 250 points, often taking years to reestablish credit. In a successful short sale a borrower is again eligible to purchase a home in as little as 2 years. A foreclosure will require a borrower to wait a required 5 years and may face additional requirements and lifetime stipulations.
If you or someone you know is facing this difficult challenge know we are hear to help you. To learn more about what options are available to you please email or call.