One of the biggest myths out there regarding Tucson short sales is that it will completely destroy your credit. While a Tucson short sale can negatively impact your credit, saying that it will be destroyed is a bit of an overstatement. Unfortunately, it is misinformation such as this that keeps many homeowners from completing a Tucson short sale and gaining some of the financial freedom that they could really use.
While it is nearly impossible to estimate just how your credit score will be impacted when you complete a Tucson short sale, there are a number of things to keep in mind that can help you mitigate the negative effects. First of all, remember that even if you miss one mortgage payment, your credit score is going to take a hit. What does this have to do with a Tucson short sale? If you are in danger of missing a payment, or if you have already missed a few, the longer you wait to begin the Tucson short sale process, the more your credit score is impacted. By getting the ball rolling right away, you can significantly decrease how your credit score is affected.
Another thing to remember is that if you are facing foreclosure, the damage to your credit score is far worse than if you were to complete a Tucson short sale. Foreclosure ramifications can have a lasting impact whereas the effects of a Tucson short sale can be corrected within a matter of a year or two if you really work at it.
While every situation is unique in how your credit is affected, Tucson short sale agents can almost guarantee that the sooner you begin the process of a Tucson short sale, the less of an impact on your credit you’ll see. Before you hold off on starting a Tucson short sale simply because of your credit, make sure you get your facts straight.