The Advantage Of A Short Sale

While short sales and foreclosures are both harmful to one’s credit, experts in the industry say that a short sale is less harmful. 

A short sale shows up on a credit report as a “pre-foreclosure in redemption” and affect credit scores by around 100 points but as little as 50 points.  Foreclosures often show up on credit reports as “debt discharged due to foreclosure” and typically harm ones credit score by around 250 points on average.   Foreclosures also remain on one’s credit for 7 years.

This difference can effect how quickly a person will be able to qualify for a future mortgage. 

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Source: Dual upside to foreclosure alternative, (The Early Show (CBS), June 21, 2007).