San Diego Short Sale Specialists | Foreclosure Impact on Credit Report

SanDiegoShortSale.TV | Foreclosure Impact on Credit Report

One of the main benefits of a successful Short Sale transaction is avoiding the credit damage from foreclosure. The damage to your credit after foreclosure lasts a minimum of seven years. Under extenuating circumstances you may be able to amend the damages after the third year. After a successful short sale you can purchase a home immediately if the loan was always kept current. If the loan was delinquent for an unreasonable amount of time it may only require a two year waiting period before you purchase another home.

Your credit rating will rebound much quicker from the credit ding of a few late mortgage payments, as long as you keep your other accounts current. Allocate your funds to meet the basic necessities (food, utilities, household needs, etc...) first.

Make sure to keep "important" accounts current...

Decide which bills to pay, try not to extend your debt, and contact a professional to help you through this rough period.

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About this Page: San Diego Short Sale .TV is your go to source for all issues relating to San Diego Short Sales and Foreclosures. With a full time staff of knowledgeable and experienced brokers, agents, lenders and administrative professionals, we are able to help you sell quickly. During this process we guide you, your lender, the buyer, and all associated parties through the negotiation process. For more information on how we can help you with San Diego short sales, San Diego foreclosures and other Southern California real estate, be sure to use our FREE MLS search guide!