What Are The Advantages Of A Short Sale For The Homeowner?
The advantages of a short sale for the homeowner include not having a foreclosure or bankruptcy on their credit history which would otherwise adversely affect their credit report. A foreclosure is the most damaging to credit status. While a short sale is documented on the homeowner’s credit report and remains on the credit report for 7 years, the same amount of time as a foreclosure, and could prevent issuance of a mortgage during that period of time, the homeowner is likely to resume normal borrowing for car loans, credit cards and such relatively quickly.
