The lender can come after the borrower personally for difference between short sale and the debt. A short sale is when the property gets sold for less than the remaining mortgage balance.
Many lenders may not loan to you again for 7 years.
You can experience a massive drop in credit score. The damage can be worse if you have a shorter loan history, due to there being less data to absorb the hit. We have a credit specialist on hand to assess and help you get back on your feet.
Getting a car loan will be a huge struggle, and if approved, payments will be significantly larger. Our credit repair specialist will try to help fix this faster than if you go it alone.
If you short sell, the difference will become a taxable event. It will be viewed and reported as income.
Future landlords will have a hard time wanting a tenant who has been in foreclosure. They will need a lot of convincing. We have a team ready to help with this and fight for you.
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