How does a Foreclosure, Deed-in-Lieu or Short Sale affect me?
A foreclosure is significantly more devastating to your credit than other alternatives. Having your home foreclosed upon can be reported on your credit history for up to 7 years. This will affect your eligibility to purchase another home, future credit availability and could even jeopardize future employment opportunities.
Related Questions
- Which process has a more adverse affect on my credit rating: short sale: foreclosure; bankruptcy; or deed-in-lieu of foreclosure?
- What is a deed-in-lieu of foreclosure and should I consider that instead of doing a short sale with my lender?
- How does a short sale versus a foreclosure affect the deficiency judgment?
