Believe it or not, according to Venice short sale agents, many distressed homeowners avoid completing a short sale on their home because they are afraid of the credit ramifications. What they don’t realize, explains one Venice short sale agent, is that in the event they end up losing their home to foreclosure, the damage to their credit score is much worse.
Just how much your credit is affected when completing a short sale is almost impossible to calculate say Venice short sale agents however one thing they can tell you is that the longer you wait to complete a short sale and the more payments you miss, the more damage is done to your credit score. In fact, if you are completing a short sale for a non-financial reason, such as job relocation, it may be entirely possible that you’ll see no negative impact to your credit score, says one Venice short sale agent. The best thing you can do in any situation is to get help from a Venice short sale agent as soon as you fear you’re going to fall behind on your mortgage; this will help mitigate the damage. When you do complete a short sale, your Venice short sale agent is also there to help you rebuild your credit by providing you with tips and information on what you can do to get your credit score back up to where it was pre-short sale transaction. Some Venice short sale agents even say that their clients were able to take out loans for things such as an automobile within a few months of completing a short sale.
Remember, the best thing to do is to get help as quickly as possible. If you’re worried about your credit score speak with a Venice short sale agent and they’ll explain to you just how the process works, how your credit score could be impacted and why it’s better for your credit to complete a short sale rather than lose your home to foreclosure.