FL Short Sale: What It Does to Your Credit

FL short sales might help you if you’re facing foreclosure. First, you might ask, “What does short sale mean?” A Florida short sale happens when your lender allows you to sell your property for less than the amount owed. They do this because a foreclosure, and then owning your property afterward, is an expensive proposition for them. Doing FL short sales makes better economic sense. Now, although it’s not as detrimental as a foreclosure, a Florida short sale will have some financial affects for you to consider.

FL Short Sales: Foreclosure vs Short Sale

Maybe you’re having trouble paying for your Brickell real estate, Coconut Grove realty, Pinecrest real estate, Kendall homes, Coral Gables realty, Miami or South Miami real estate. It could come down to two options - foreclosure vs short sale. Consider this...

Foreclosure can drop your credit score 200-300 points on average. With FL short sales, it’s anywhere from 100-150 points, but remember that every situation is different.

Foreclosure can stay on your report for seven years or more. A short sale averages 24 to 72 months.

After a foreclosure, attaining reasonable credit is difficult for a lengthy time. With a short sale, creditors are often more ‘forgiving’ given the market, but again, every situation is different.

Future applications for a mortgage often require you to disclose a foreclosure. FL short sales are different. Your credit report may show it as being "paid settled," meaning you paid off the amount required by the lender to settle the account, but perhaps not the full amount of the debt.

You can learn even more by reading...

What Is a Short Sale?
Why a Short Sale Might Be Better Than Foreclosure
Why Picking a Short Sale Realtor® Matters

Keep in mind these are only a few facts when it comes to FL short sales vs. foreclosures. There’s more to the process and that’s where having someone who understands that process in FL short sales matters most.

FL Short Sales Starts with the Right Agent... Liz Kenneally

My name is Liz Kenneally and I can help homeowners like you navigate the world of short sales in Florida. If you’re like many Floridians who are trying to avoid mortgage foreclosure, there’s a solution for feeling anxious or frightened. You can learn about the FL short sales process to make an educated choice about your future. It’s confidential, with no obligation or cost, so contact me today.

Avoid Foreclosure: Is A Short Sale Your Solution?

Learn how and download this free questionnaire now!

IMPORTANT NOTICE:

Keller Williams Realty Premier Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.