La Jolla Real Estate,
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real estate, homes and condos for sale in California - Ruth Mills & the Mills Team, REALTOR.
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Short sale is an alternative to foreclosure (as short sale happens when the lender approves the sale of a home that sales for less than the mortgage amount). Shorts sales have many positive aspects for the homeowner when compared to the negative impact that will happen with a foreclosure.
Foreclosures can lower a person's credit score over 250 points yet a short sale can lower a person’s credit score around 50 points if the mortgage payments have been paid. Several months ago one homeowner sold his home as a short sale and bought another home within 30 days of the short sale (his FICO score was 774 FICO score before the short sale and 722 afterwards).
Most people think the foreclosure mainly impacts their credit score yet it can affect several other aspects of their life. The foreclosure can impact job applicants when the employer does a credit check as part of the application process. People can lose their security clearance or be denied the position after a foreclosure shows up on a credit check.
The short sale does not show up on a credit report and should not challenge employment and in most cases it should not challenge a person's security clearance.
If you have questions regarding the short sale process, please call me. I am a Certified Distressed Property Expert and have expertise to help save your credit and avoid foreclosure.
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