Top Five Reasons Why you Should Choose Lakeland Fl short sale over Foreclosures

Top Five Reasons Why you Should Choose Lakeland Fl short sale over Foreclosures

If you have believed that short sales and foreclosures are just the same or a foreclosure is better than a short sale, you must have been blinded by different short sale myths. Let me give you the truths and reasons why a short sale in Lakeland Fl is actually beneficial for you over a foreclosure.

Short sale has little impact on your credit score.

Reported by Alex Charfen, founding father of the Charfen Distressed Property Institute, a short sale can impact your credit rating by as low as 50 points if you are shelling out all the other bills promptly. And, in certain historical cases, short sales could have little damaging effect on your credit score in any way. On the other hand, based on Realtor.com, a foreclosure could affect your credit score by as much as 300 points. Even though credit effect may differ, gurus concur that a short sale affects credit score a lot less compared to a foreclosure. A short sale also, will just become part of home-owners record while foreclosure will be part of your permanent public record.

Short sale does not negatively affect your chances of obtaining a mortgage in the future.

Because a short sale does not affect your credit score greatly, you still have higher chances of getting a mortgage in the future. A foreclosure will give you a very slim chance of getting a loan in the future because of your very low credit score.

You have the ability to eliminate deficiency judgment.

In a foreclosure, you will lose your Lakeland Fl home without getting any penny plus you're going to pay for the deficiency even after the foreclosure! A short sale on the other hand will give you the ability to eliminate the deficiency depending on your own or your Lakeland Fl short sale agent's ability to negotiate.

Short sales rarely affect security clearance.

Foreclosure will almost constantly have negative effect on your security clearance while short sales rarely affect security clearances. Security clearances are important since most of the industries today like telecom, software development, and government agencies require this.

Short sales will not affect your current and future employment.

Employers these days also review an employee’s credit history. Low credit history affects your chance of getting or losing a job. Unlike foreclosures, short sales are not recorded on credit report.

If you are thinking of having your Lakeland FL home for Sale or are considering a Short Sale in Lakeland, you can always call Petra Norris! She is an experienced Lakeland Fl short sale agent that can get the job done successfully! You can always call reach her thru phone, 863-619-6918 or via email at petra [at] PetraNorris.com.