In today’s economic climate, both foreclosures and short sales have become very common. If you find yourself unable to make your mortgage payment on your home, you have a difficult decision to make: foreclose or have a short sale. Both options can damage your credit, but Vivix Credit Solutions can help you fix some of that. At Vivix Credit Solutions, you will be referred to an expert who can assist you in repairing damage to your credit score whether from a foreclosure, delinquency, short sales, or bankruptcy.

When your debt has gotten out of hand and you can no longer afford your mortgage, you may become delinquent. In that case, the bank can foreclose on your home. Many people have found themselves in this situation in recent years due to losing a job or being in a home that was really unaffordable in the first place. Whatever your situation, you need to understand what affects a foreclosure will have on you.

Some people will choose a foreclosure because, depending upon the state, they may be able to stay in the home for several months through the foreclosure process while paying no rent. It’s a risky choice however, considering that it can result in a loss of 200 to 300 points from your credit score. It can also greatly affect your ability to purchase another home. If you have lost a home to foreclosure, it can be two to five years before a mortgage lender will give you credit with a reasonable interest rate. If a foreclosure is inevitable for you and you feel the result in your credit score, contact Vivix Credit Solutions to find and expert who will help you repair the damage.

Another option if you are unable to make mortgage payments is to have a short sale. This means your mortgage lender agrees to take less than the amount you owe. You sell your house for a price that will not completely repay your debt, because there is not enough equity in it to sell for more. You may need to use a real estate agent or lawyer to help you negotiate this with your lender, as not all lenders are willing to accept a short sale. A lender is more likely to allow a short sale if you have been delinquent in payments.

A short sale, like a foreclosure will negatively impact your credit score, but in most cases by only 100 or 200 points. While significant, this is less than a foreclosure and an expert found through Vivix Credit Solutions can help you fix it. Another advantage to a short sale is that the time you need to wait before buying another home is less than if you foreclosed. You should only need to wait two years before getting a reasonable interest rate on a new mortgage.

If you are among the many people who are no longer able to afford their homes, you have a big decision to make. But keep in mind that an expert found through Vivix Credit Solutions can potentially repair damage done to your credit score. The people at Vivix Credit Solutions can help you find the right professional to get to work at fixing your credit score so you can move on with your life.