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Hello and welcome to part five of my short sale series! Today, I discuss one of the biggest concerns people have when it comes time to have a short sale: their credit.
Most short sales are the result of missed mortgage payments. After 30 days, 60 days, and 90 days, your creditor starts reporting to the Credit Bureau about how late you are on your payments. The short sale itself doesn't dramatically hurt your credit - rather, it's what you've done leading up to the short sale.
In reality, once a short sale is complete, you can begin the process of repairing your credit. The day your short sale closes is the first day of the credit repair process. Credit seasoning means that the further you get away from the short sale completion date, the less it affects your credit!
If you have any questions about short sales, or if you would like real estate assistance of any kind, give me a call or shoot me an email. I would love to hear from you!
