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
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.
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.
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!