Short selling your home versus going through a foreclosure has some major benefits. Foreclosures can remain on your credit report for up to 7 years. By short selling, you will keep the foreclosure off of your credit report and give you the ability to walk away free of debt.
When your home goes to foreclosure, the house is either bought from the bank, or from a private investor. As a result of the foreclosure, your credit is destroyed for about 7 years, leaving you unable to buy a home within that time frame. The bank will also try and collect on the amount leftover from the ultimate sale price of the house. A short sale eliminates this possibility. The ONLY negative effect is that a short sale is a slight hit on your credit, from which you bounce back in 2 years.
Call us today at (703) 782-8100 or fill out our Contact form for a FREE, no commitment, evaluation on whether you may qualify for a Short Sale.