Benefits and Draw Backs of Foreclosure and Short Sales
By Keith Manson
(First Weber Group/short sale/cdpe/gri)
I have seen a lot of Blogs about foreclosures and short sales recently. to address this in the simplist of terms I did some research and found an article written by Elizabeth Weintrab on About.com. Basically the article indicates that your credit will be hit just as hard if you are foreclosed or you complete a short sale. There is one exception according to Elizabeth which is if you have no 60 day plus late payments on your credit report and do a short sale you may be able to purchase a new home immediately. With a short sale the credit reporting wil be hinged on how the bank reports the credit. Unless the bank reports it as paid in full your credit will be hit hard. Typically banks report a shortage with what is called a code 22. This reporting indicates delinquency, derogatory reco...
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