How to Easily Rebuild Your Credit After a Short Sale

Paying off your mortgage and eliminating PMI

Short sales continue to increase despite the seeming rebound in housing markets across America. According to RealtyTrac, short sales and foreclosures comprised of 16.2% of U.S. home sales in 2013. This was up from 2012, when 14.5% of home sales were short sales and foreclosures. In a short sale, the mortgage lender agrees to let a homeowner accept an offer for their home that’s less than the amount owed on the loan. The bank takes all the proceeds, but the seller walks away with the remaining debt forgiven. Choosing to go that route will put a serious dent in your credit score, but it’s not a fiscal death sentence. You can rebuild your credit and your finances after a short … Read more