Any benefits to short sale or foreclosure?

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what are the benefits to a short sale and what are the benefits to foreclosure?

adonis · Posted: Tue Oct 30, 2007 9:20 pm Post subject:

Hi Stephanie,

Short sale has far less damaging affect on credit report comparing to foreclosure. It reduces the scores by 80 to 100 points whereas foreclosure pushes your credit score between 200 to 300 points.

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Short sale protect your credit history. Choose short sale only if it possible.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Stephanie,

Even I agree with Adonis. Foreclosure has more negative impact on your credit than a short sale. It stays on your report for as long as 7-10 years.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Stephanie,

I agree with all of you that short sale has less affect on your credit report than foreclosure. But if I have to choose among short sale, foreclosure and deed-in lieu of foreclosure, I think Deed-in lieu of foreclosure is the best because the lender cannot charge me the deficiency money and it also will have less affect on my credit report than foreclosure or short sale. What do you guys think?

Thanks,
Larry

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