Escaping the foreclosure monster, more home owners are running for the escape hatch of the short sale. Once you have explored all options and foreclosure is eminent the only thing that can save the day might be to short sale your home and save your dignity and credit for the future. While a foreclosure is going to affect your credit rating FICO, Experian and Beacon scores for a very long time; a short sale can save you from credit disaster. Once your credit report is tagged with a foreclosure lenders will look at your credit differently and your ability to borrow is going to dramatically diminish. How can a short sale help? Yes you have 30-day, 90-day or 120-day late payments on your mortgage possibly one year not paying your mortgage what every the case may be those late payments eventually will fade away. Discipline your self to pay your consumer debt on time, credit cards, department stores, car payment etc. and your credit scores eventually will get better. Seek for a financial advisor and go over your particular situation.
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