andyetf

Short sale vs foreclosure

In Uncategorized on April 23, 2010 at 3:10 pm

Think a short sale is better than a foreclosure on your credit report? It’s like the difference between being hit by a train or a bus, according to mortgage broker, Catherine Coy. Either will lead to a drop of 200 to 300 points on your credit report. The one advantage of short sale over foreclosure is the shorter waiting period before buying another home. Short sale will allow you to get FHA financing withing two years. You will end up waiting from two-to-five years following a foreclosure.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: