Is A Short Sale Any Different Than A Foreclosure On My Credit?
Yes!Â A short sale is very different than a foreclosure in 3 major ways.Â First, your credit score will be affected more significantly by a foreclosure than by a short sale.Â Second, the way in which the short sale is reported on your credit is very different than a foreclosure.Â It will usually appear as something similar to "not settled according to terms" whereas a foreclosure will most likely say something like "default".Â Third, your timetable for getting future financing will usually be longer with a foreclosure.Â In some cases you can get financing after a short sale in as little as 12-18 months.
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Meryhew Realty Group
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