Tuesday , 19 September 2017
Nate's News

Fixing Your Finances After Foreclosure Or Short Sale

 Fixing Your Finances After Foreclosure Or Short SaleOne of the biggest negative effects on your credit score is a foreclosure or short sale in San Diego. Also should you fail to pay your mortgage during a short sale in San Diego, the credit score impact will be nearly identical to a foreclosure. There is a large amount of on this subject being spewed in person or around the internet. Some San Diego Realtor will paint a short sale as your ticket to the promised land and a foreclosure of your San Diego home as a ticket to financial misery for the rest of your life. A quality and professional San Diego Realtor will go through all possible financial options with you rather than just trying to put money in their wallet.

That stated, there are naturally some advantages to doing a short sale in San Diego but a better credit score is not one of them unless you can complete a short sale in San Diego without missing mortgage payments. The advantages of a short sale vs a foreclosure are determined by the ability to be able to purchase a home again in the future. It should be easier and quicker to buy a home after completing a short sale compared with foreclosure in San Diego.

There are extenuating circumstances which can be acceptable reasons why you had to do a short sale in San Diego or lost your home to foreclosure which include divorce, loss of a job and unexpected medical expenses and San Diego lenders will take these into account

 A further advantage of a short sale in San Diego is the way in which future employers and creditors view you in the future. They will look unfavorably at foreclosure as compared to short sale as short sale show that you attempted to live up to your debt and not just walk away.

Owning a San Diego home again after a foreclosure/short sale

Work on increasing your credit score

Perhaps the most important thing that you need to work on, particularly when you want to own your own San Diego home again is to work on increasing your credit scores. There is no doubt that building your credit score after a foreclosure or short sale is a difficult task. Here are a few tips from experts in the San Diego area about how to improve your credit score after foreclosure or short sale.

Keep your employment stable

One of the things lenders look for with borrowers especially after a short sale or foreclosure is the stability of your employment. It is important that you do this in order to show future San Diego lenders that you are grounded with work and not changing jobs.

Rebuild your savings after foreclosure in San Diego

San Diego lenders need you to show that you have saved some money on a regular basis in order to build back up your nest egg. A six month reserve is a safe bet to show San Diego lenders that you have a fall back plan should you happen to become unemployed.

Owning a home again after short sale or foreclosure in San Diego is certainly achievable if you work diligently towards getting your financial house in order!

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