Should I short sell or foreclose ? This is a very common question that homeowners ask us. In almost all cases, short sale is a better option. Here are some of the key reasons why you should Short Sell instead of Foreclosure
1 -Unlike a short sale, a foreclosure will show up on all future mortgages, credit, and maybe even job applications. Foreclosures will have to be disclosed when asked, because there is not a 7-year limit on that information.
2 -Your credit score will be impacted more with after a foreclosure than a short sale.
3 -Doing a short sale will improve your chances of getting a government insured loan with 2 to 3 years after closing. With a foreclosure, it can take up to 7 years.
4 -A short sale guarantees that the lender cannot come after you later and collect the money owed. The lender will agree to take the lost, and give up that right at closing.
We are the Short Sale Specialists in Dallas area and We’ve successfully completed more short sales since January 2010 than any other realtor in North Texas, resulting in favorable outcomes for our clients. If you have any questions contact us right now: 972-342-0011