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If you or anyone you know is going through a foreclosure, I have some advice for you to give them. It will make them incredibly happy after going through such a tough time.
- The first thing that you can do is have them talk to a real estate professional that is highly skilled with short sales. Short sales offer benefits foreclosures do not.
- Have the person know that after three years, their credit will be reset and they will be able to purchase again if they qualify, if they’ve had a short sale. Foreclosures can take anywhere from seven to 10 years for credit to heal.
- With a short sale, the person can remain in the property for a longer period of time than in a foreclosure.
- Short sales allow better creditworthiness. Although it is not ideal, they stand a much better chance with a short sale than a foreclosure.
This can be a very tough time for people, but I urge you to reach out and speak to someone before they have to go through the awful process of foreclosure. Short sales are viable options in this situation, but many people simply don’t realize it.
Please don’t hesitate to contact me with any questions or concerns.
