In Part 1, we have talked about how a short sale can have softer impact on your credit score and purchase of future home. Let’s continue…
Employment
If you are planning on getting a new job, you should know that foreclosure is regarded as a black mark on your resume. Accountability is a much-valued attribute in the workplace, and one of the ways to appraise new employees is to run a check on their credit reports. It’s quite well-known that some companies reject job applications from people who have undergone foreclosure. On the other hand, companies may also reassign or terminate employees who work in sensitive positions if their credit report shows a foreclosure.
Credit History
In the public record of credit history, foreclosure will appear for 10 years or more. How about a short sale? Basically, the term “short sale” will not appear in the record. It will simply be described as “paid in full, settled”.
Costs
In a short sale, your lender pays for selling expenses such as title insurance, agent commissions, back taxes, and attorney fees. Also, you may live in your house without making mortgage payments until the short sale is completed.
Interested in a short sale? Come talk to John Day, the best Maryland REALTOR!
