Hello everyone my name is Chris Bowers and I am the owner and team leader of the Bowers Team, thank you for your time today. Our team of short sale experts located in Arizona are working with homeowners every day to find the best solution for avoiding foreclosure. If you have questions about your mortgage or want to learn more about the short sale process take a minute to browse my website or contact me directly to learn more about the short sale process.
For my blog today I wanted to discuss a question I get asked often that pertains to the credit consequences of completing a short sale. One of the biggest concerns I hear from Arizona homeowners when discussing a short sale is just how severe will it be on their credit score. In all actuality, the short sale process itself will have very little impact on your credit. However, the biggest impact to your credit will be seen if there have been several late payments on your mortgage or if you have been unable to make payments all together. If you are not paying your mortgage,every thirty, sixty, and ninety days your lender is reporting this to the major credit bureau’s which will likely cause your credit to go down. If you are unable to make your payments each month it is important to look at the options in front of you in order to minimize the damage to your credit score. If your home enters in to foreclosure this will be listed on your credit report making a loan approval unlikely for five to seven years. Through a short sale you may be approved for a new mortgage in three to five years.
This is just one of the many reasons why a short sale may be the best option for your Arizona property. If you have any specific questions please give me a call to discuss the specifics of your unique situation. Thank you for your time and have a great day.