Short Sales and Your Credit

Do you want to save your credit by holding a short sale?

If so, you need to be aware that this may or may not be successful. A short sale can help you revive your credit by simply removing the need to make payments. However, since you are likely already in a position where you have been late on your mortgage payments and may even have your home listed as being in foreclosure your credit rating will already be damaged.

While these will certainly stay on your credit report for some time, it is best to try and save your home from being completely foreclosed on by holding a short sale. If your home is sold at a foreclosure auction, not only will you lose your home but your credit score will be hit even harder. Should you be successful at holding the short sale and selling your home, it will show up as 'mortgage paid' on your credit reports.

If you are considering a short sale, now is the time to contact our legal team to get answers and advice from a Chicago bankruptcy lawyer.