Houston Credit Repair Expert,Vanessa Perry, explains what a short sale does to your credit score in the latest blog.
What is a Short Sale?
As Vanessa states in GoBankingRates.com a short sale is when you sell your house for a lower price than the amount owed on the loan. During the home buying process it is sometimes suggested to go with a short sale to expedite the buying process. The proceeds from the sale go directly to the lender to avoid third party interference. Many realtors think that by doing a short sale it will improve your credit score, but in fact it does the opposite.
How does a short sale show up on my credit report?
A short sale appears on your credit as a settled for less than the amount owed foreclosure. Therefore, if it reports as a foreclosure it will damage your credit. The foreclosure also prevents renters from possibly renting a home or an apartment once the foreclosure is added to the credit report. Although it may seem quicker for the sale at the time it costs more trouble than the time it saves. If you have done a short sale you may want to consider a reputable credit repair company to restore your credit.
Houston Credit Repair
Impeccable Credit Services has been in business for 17 years. We have worked with credit scores everywhere from N/A up to the mid 700s. Our goal is to educate others about credit and how to achieve financial success. All of our clients are guaranteed results and we want to achieve 100% satisfaction. We are capable of helping anyone anywhere. With two physical offices and virtual appointments available as well. You will always speak with someone who works directly on your file and they are If you have any questions regarding your credit please give us a call 713-378-1500.