Articles tagged with: short sale v foreclosure
South Florida Short Sales »
Brian J. O’ Connor / Detroit News Finance Editor
A grim echo of the housing bust is building for Michigan homeowners who’ve lost their homes to foreclosure or sold them in short sales. Without even knowing it, they could end up owing tens of thousands of dollars in mounting debts under a previously unenforced provision of the state’s foreclosure law.
Until a few years ago, when someone lost a home to foreclosure in Michigan, the owner walked away embarrassed and financially battered, but owing nothing more on the property.
Now, because of dropping …
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Benefits of a Short Sale Compared to a Foreclosure
Factor
Short Sale
Foreclosure
Effects on your Credit
The short sale will only affect your score by 30-50 points on average. The late payments are what cause your credit score to plummet. Each missed payment can lower your credit score by 30+ points. A short sale is a SALE and in many cases shows up on your credit report as lien satisfied or paid in full.
In the real world, unless you pay cash for everything, your credit score is the most important asset you have. …
