Minnesota Short Sale vs. Foreclosure
Reasons To Avoid Foreclosure
Download The Top 10 Reasons To Avoid Foreclosure (PDF)
- You will always have to disclose on any mortgage application and many job applications.
- Only credit item that even once it is off report still affects your rates.
- Credit scores will be lowered by 300+ points. Most devastating credit issue you can have in relation to future credit availability.
- You will be ineligible for a government insured loan for 5 to 7 years (only 2 years in a short sale).
- You may end up with Deficiency Judgment.
- Many employers run credit checks.
- Foreclosure is one of the top items that will put a potential new hire in jeopardy.
- Many current employers run credit checks and a foreclosure can put a current position in jeopardy.
- Security clearances, government positions, military, law enforcement and more.
- Your tax liability in a foreclosure may be much higher than in a properly negotiated short sale since in most cases cancelled debt will be higher.
- As your CDPE agent I will explore every option with you and work towards a resolution.
- While it may not seem like it now, there will come a time when you look back on this situation and will want to know you did everything you could.
Call or email today for a confidential conversation.
763-242-6303
Rob@MnShortSaleExpert.com
