Why Choose a Short Sale?
Foreclosure Short Sale
Credit Score Damage
(based on agent reports)
(based on agent reports)
250 points or more
150 points or less
(NOTE: credit monitoring agencies may change policy on score modification)
(NOTE: credit monitoring agencies may change policy on score modification)
Mark Against Your
Financial Record
Financial Record
Permanent record at
county courthouse
county courthouse
Drops off credit scoring
system after 7 years
system after 7 years
Time to Qualify to Buy Again
5-7 years
2 years
Down Payment on Future Purchase
10 percent or greater,
maybe 20 percent
maybe 20 percent
Less than 10 percent
