Right now we’d like to put to rest one of the more popular myths about completing a Tucson short sale: that it will destroy your credit. First and foremost, it’s important to keep in mind that you should take most short sale information with a grain of salt if it doesn’t come directly from a Tucson short sale expert. There are a number of rumors floating around out there that simply aren’t true and they generally scare many potential short sale clients away because they don’t know the truth.
The tricky thing about your credit and how it will be impacted by a Tucson short sale is that there really isn’t any way to tell until the transaction is completed. There are a few positive things to note, however. Completing a Tucson short sale will always affect your credit far less than if your home is foreclosed on. In fact, many homeowners that have completed a Tucson short sale in the past report that they were able to obtain a loan and purchase bigger items, such as a new car, within a few months to a year of closing on their short sale; this generally isn’t possible with a foreclosure on your record.
One piece of advice that any Tucson short sale agent will tell you is that if you’re facing foreclosure or need to complete a short sale, time is of the essence. The sooner your take action and begin the process, the less of an impact to your credit. This is generally where many people that complete short sales take the biggest hit to their credit scores; they wait too long and have too many missed payments before they begin the process.
Even if you’re still current on your mortgage but feel that a Tucson short sale is in your near future, it’s never too late to talk to a realtor and see what you can do to mitigate the effects of a Tucson short sale on your credit score.
