Foreclosure vs. Successful Short Sale

We would like to share some tips on how the short sale route is much better than foreclosure. The Canaday Group mortgage counseling department is here for you and will review your options, please call us.

Credit Score
Foreclosure-Did you know that your credit score may be lowered anywhere from 250 to over 300 points? Typically will affect score for over 3 years.
Successful Short Sale- Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale's affect can be as brief as 12 to 18 months.

Credit History
Foreclosure- Foreclosure will remain as a public record on a person's credit history for 10 years or more.
Successful Short Sale- Short sale is not reported on a credit history. There is no specific reporting item for 'short sale'. The loan is typically reported 'paid in full, settled'.

Attend our Avoid Foreclosure Seminar on March 11th 7pm at Tijeras Creek Golf Club in Rancho Santa Margarita.