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  SHORT SALE BENEFITS
A “Short Sale” is a much better alternative to Foreclosure or a Deed-in-Lieu of Foreclosure, and will do less harm to your credit. A Foreclosure will drop credit ratings by 200-300 points and remain on credit reports for seven to ten years. It usually takes 5 years before new mortgages maybe obtained, with 7 year lending restrictions. A Short Sale, however, may drop credit by 60-100 points, and 2 years is the common waiting period before new mortgage loans may be procured. Further, a "Foreclosure" on your credit will require you to answer certain questions on applications, such as for new loans or even employment with a "YES, I have had a foreclosure". In "Short", Short Sales save your future ability to borrow.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.
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