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Many Bradenton - Sarasota, Florida homeowners are facing the risk of foreclosure in our declining market. For some, a short sale may be the solution.
When considering the short sale, thecredit score of the seller will take a bigger hit by going through foreclosure or giving a deed-in-lieu of foreclosure than with a short sale. In fact, a short sale may result in a loss of about 100 points on the borrowers FICO score. A foreclosure or deed-in-lieu of foreclosure may result in a loss of 250 points of more.
Most people, when faced with the possibility of foreclosure, find a short sale to be a better solution. There are many options that a Bradenton, Florida homeowner needs to consider. We recommend that the homeowner discuss their situation with their attorney and their accountant.
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