There are many reasons you may be having a hard time paying your mortgage and it’s certainly stressful to be in a position where you may lose your home. You do have options available to ease your financial burden, including a short sale of your property. But if you don’t take action, the lender may foreclose upon your home. Both short sales and foreclosures will impact your credit score, so it’s important to understand the implications.
The Impact of a Short Sale on Credit Ratings: A short sale is a transaction where the borrower requests that the mortgage lender accept a loan repayment for less than the full amount. In most cases, you’ll have to provide proof of a financial hardship that impacts your ability to pay or that you’re being forced to relocate for your job. (more…)Read More »