There are a lot of people who are wondering whether a short sale would be better than a foreclosure or vice versa. There are different factors that are proving these things, and both sides have their own stands as to why the other is better than the other. As we go through this article, we will be discussing some of the things that you need to know about short sales and foreclosures. If you want to find out which option would be better for you, then you need to read this article.
Before we move on, let me disclose something for you; I am in favor of short sales, because I believe that you will get better benefits from it. But claiming something without proof won't do any good, so here are some of the reasons why I think short sales are better than foreclosure.
Legal Issues
The main reason why a lot of people hate foreclosure is because the process can be very time-consuming and expensive. Even lenders hate the idea of doing foreclosure because it will take a lot of time. So before getting foreclosed, lenders can have you sued and force you to pay for the property before it gets foreclosed. On the other hand, if you are going to enter a short sale, you will be saved from this problem, and most lenders will forgive you. If you will get into a short sale, you will be able to pay some of your debt, and suing you could cost more than what you owe to your lender. So make sure that you are going to make a wise decision before you get into a foreclosure.
Credit Rating
Both short sales and foreclosures could have a negative impact on your credit rating. This refers to your capability to pay for your loan, and having low credit rating will make it hard for you to take a loan in the future. The worst thing that could happen to you is that you won't be hired in some companies. There are companies that will check your credit history before they hire you, and if they found out that you have a low credit rating, your chances of landing on a job will be less.
If you are going to get into foreclosure, the usual credit rating drop will be 200 points, which would take about 5 years to recover. With short sales, you will also get credit rating drop, but it will only be around 80 points, which would take about a year or two to recover. Both options have a negative impact on your record, but the end results have great differences.
Tax Breaks
Another reason why short sales are better than foreclosure is because you will be free from your remaining taxes if you do short sales. Unlike foreclosure, wherein your taxes would remain the same, filing short sales will free you from your previous tax duties.
If you would like to learn more about Las Vegas short sales, then all you have to do is to visit our website www.ToddMillerTV.com now! I can provide you with all the information that you need to know, and you can be assured that you will always get accurate and updated information about Las Vegas short sales
Source: http://www.realestateglobalnetwork.com/xn/detail/2211201%3ABlogPost%3A231310
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