Short Sale

The Dangers of Short Selling Your Home Are Enormous and Long Lasting

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The risks of short selling your house

Selling your home with a short sale, which is selling it for less than you owe on your mortgage, not only takes a lot of time and energy, but it also as a lot of long-lasting consequences as well. There are many things that you should consider before going the route of selling your home for less than you owe on your mortgage. Here are a few reasons why short selling may not be a great idea for you. Short Selling Your Home Nukes Your Credit Score The only thing worse you can do to your credit score with respect to your home is having it foreclosed on. Selling your home with a short sale is almost as bad in … Read more

How to Easily Rebuild Your Credit After a Short Sale

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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