Many people here in Las Vegas and around the US are uncertain about how to weigh a Las Vegas Short Sale versus a Las Vegas Foreclosure on their credit report. Yes, the impact can be significant; but, you can help yourself. Here is a quick summary:
A Las Vegas Short Sale occurs when you sell your house to another buyer for less than what is owed on the house – the process must be approved by your lender. Most lenders prefer a Las Vegas Short Sale versus a Las Vegas Foreclosure, as in the long run it saves them money and hassles.
However, as a homeowner your FICO score will probably drop as much via a Las Vegas Short Sale versus a Las Vegas Foreclosure. But, this does not mean you won’t ever be able to get another mortgage.
You may in fact be eligible to buy a home with a loan that is backed by Fannie Mae or Freddie Mac more quickly with a short sale than you would if your home went into a Las Vegas Foreclosure. Please call 877.360.2030 or visit Las Vegas Relocation if you need any assistance on selling your home.
