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Vivix Credit Solutions Real Estate Decisions
Posted by Vivix Credit Solutions | Categories: Credit Repair, Credit Report, Credit Score, Fair Credit Reporting Act, Vivix Credit Solutions | Tags: FCRA, free consultation, FTC
Vivix Credit Solutions
Short Sale or Foreclosure – Which Affects Your Credit Most?
There are plenty of real estate gurus and credit aficionados who will argue that short sales are less detrimental to your credit rating and future financial profile than a foreclosure. But, there are also plenty of the same types who will tell you just the opposite, or that there is really no difference at all between the two options. The professionals at Vivix Credit Solutions know that every situation is different and it’s completely impossible to make a blanket statement about such a critical financial decision. That’s why a personal consultation is always the first order of business at Vivix Credit Solutions, so you know the answers you get are directly in response to your individual needs regardless of the type of credit problems you’re facing.
If you are in the midst of making the decision between a short sale on your home or letting it go in to foreclosure, odds are you’re panicking. Buying a home is one of the biggest financial investments most people make and being unable to meet the payments on the mortgage can be the biggest financial crisis they will ever face. The credit experts of Vivix Credit Solutions have experienced just about every scenario and can help navigate this crisis and many others. The best thing to do in this situation is to look at the pros and cons before making a decision because the decision you make has lasting affects.
Short Sale
A short sale of your property is when you sell it for an amount that is less than what you owe the lender on the loan.
Pros of a Short Sale
The avoidance of foreclosure and the stigma attached; your credit scores may not drop as significantly as they would with a foreclosure; the time needed to rebuild your credit is less than with a foreclosed property; you don’t have to disclose information about the short sale on future applications; it will not affect employment; and in some cases you can avoid a future deficiency judgment.
Cons of a Short Sale
A lender has the right to deny a short sale; you must submit extensive financial information giving them complete access to your financial records and even then you can be denied; you are subject to a deficiency judgment if the mortgage company chooses to pursue it; your credit score will suffer.
Foreclosure
A foreclosure is when the bank takes ownership of your property when you are unable to make payments.
Pros of a Foreclosure
It’s hard to find the good in losing your home, but when weighing your options and focusing on your individual circumstances it’s important to see every angle. Potential pros of a foreclosure are: the ability to stay in your home for a longer period of time until eviction occurs; if you are part of the group who received a 0% down loan then you have no real financial ties; depending on the state you live in you may not be subject to a deficiency judgment; you can alleviate worry almost immediately by walking away from the financial hardship.
Cons of a Foreclosure
A foreclosure comes with a stigma attached and has potentially long lasting consequences; your credit score is negatively affected and remains on your credit reports for years; you must disclose a foreclosure on future applications which can affect rates; you are inellgible for certain loans for an extended period of time; it may affect employment opportunities and security clearances for employment; you may be subject to a deficiency judgment in the future.
The inability to pay your mortgage can be financially suffocating and mentally draining. The decision to foreclose on your home or seek a short sale is serious business. Make sure you know the right path to choose and how to handle the aftermath. Vivix Credit Solutions is always on top of the latest rules and regulations pertaining to debt of every kind.
Don’t face your financial woes alone. Get your free special report: “The TRUTH About Legal Credit Repair & Your Credit Report” and a free consultation with a qualified credit repair counselor.
Call Now to Speak to one of our Credit Experts 702-434-4414
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