Have you been working with a Santa Monica short sale agent to avoid foreclosure but are still considering foreclosure as an option for your situation? Santa Monica short sale agents throughout the area want you to reconsider this as the ramifications and lasting effects of a foreclosure are much worse than with a short sale. Today we’d like to go over some of the differences between a short sale and a foreclosure and why, a vast majority of the time, it’s a better alternative for homeowners.
As you may already know, any time you complete a short sale or a foreclosure your credit score is going to be impacted. Santa Monica short sale agents say, however, that the negative effects with a foreclosure are much more severe than with a short sale. In fact, a foreclosure can stay on your credit report for up to seven years whereas with a short sale it’s typically no more than three years. Santa Monica short sale agents also say that with a foreclosure you’re unable to purchase a home again for 5-7 years; similar to the credit ramifications, the wait period of a short sale is much less at only 2-3 years depending on your loan type and situation.
Another aspect of a foreclosure that many homeowners don’t realize, says one Santa Monicashort sale agent, is that it can affect your employment; it can keep you from getting hired for a new job, from receiving a promotion at your existing job or from obtaining or keeping your security clearance. With a short sale, none of these ramifications exist.
If you’re still considering foreclosure as an option please do yourself a favor and continue discussing the matter with a Santa Monica short sale agent. They can provide you with the tools, resources and education you need to show you that a short sale is the better choice for you.