A Brooklyn short sale represents real value for the homebuyer, of course. But to some extent, it is also a boon to the seller. Being able to unload a property thatâ€™s underwater helps avoid the most dire credit consequences of a Brooklyn foreclosure.
But lingering credit damage can still result from any short sale - if the short seller allows it to happen. Should you find yourself in the short sale situation, be proactive in protecting your credit score. You will put yourself in a position to re-enter the market sooner than you think if you take action to improve a damaged credit score following a Brooklyn short sale. Hereâ€™s how:
Not everyone escaped unscathed from the recent downturn, but itâ€™s also true that lenders are now a lot more familiar with good prospective borrowers who could not avoid its consequences. Whether you have been through a Brooklyn short sale or not, if you are looking to buy a home in Brooklyn, do give me a call.Â Iâ€™ll put you in touch with my mortgage broker, and we will see how close you are to owning your next home!