Short Sale vs Foreclosure

Unfortunately the subject of which has a greater impact on credit scores, a short sale or a foreclosure, comes up frequently. I turned to my credit expert Jim Kaiser at Advantage Credit Inc for advice. The short answer is that you are better off to attempt a short sale than have your property foreclosed on. For a more detailed explanation, please review the link below.

Short Sale vs Foreclosure

Next week we will look at how long after selling on a short sale you can purchase another home. As always, your questions and comments are welcome.

Thanks, Chip

 

Chip Allen

Crestline Mortgage Bankers

A Division of Universal Lending Corp

Direct: 303.947.2109

Fax: 303.987.0676

Loanchip@hotmail.com

Colorado Mortgage Broker License # 100019831

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