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SpinDistribute.com Article Directory

The following article was published in our article directory on April 4, 2011.
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Short Sale - A Better Alternative to Foreclosures

Article Category: Real Estate

Author Name: Glen Henderson

Should you be having trouble making your mortgage payments, you could be at risk of losing your house. This has become a very prevalent issue in today's economic climate. A large number of companies are still under the threat of bankruptcy and being forced to downsize. While some industries are growing, plenty of them appear to still be going under. This has resulted in a large number of laid off workers remaining unemployed because the job growth in certain markets is still slow. Having a significant portion of the population having their main source of income cut off, many are finding themselves unable to afford their mortgage payments. As a result, there are lots of foreclosures available on the market right now and still several properties in the process of or on the brink of becoming foreclosed. A great alternative for families facing this scenario could be to look into alternative, namely a short sale.

There are numerous differences between short sales and foreclosures that point to why a short sale would be preferable to a foreclosure. The rewards fall under several various categories, including how it would influence your credit score, credit history, future purchase of a home, future mortgage loan, future employment, and more. One of the differences between short sales and foreclosed properties is that the former are still owned by the homeowner whereas the ownership within the latter has been transferred to the lender. Furthermore, with foreclosures, many times the debt has not been satisfied, whereas the debt has been satisfied at a lower amount with short sales.

On account of the debt becoming satisfied, the damage to your credit score is much less in terms of short sale properties as opposed to foreclosed properties. The impact on the credit score also lasts significantly longer with a foreclosure, a minimum of three years, than that of the short sale, which can last as shortas twelve to eighteen months.

Because your credit history can impact your purchase of a new house, you might have a much greater chance of finding loan payments to finance your new property and at a much lower interest rate should you had completed a short sale as opposed to had it foreclosed. Your credit history may also have an effect on your future employment, considering employers generally take the job applicant's credit report history into account when making a hiring choice.

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