Do you want to know just how much your credit will be impacted when you complete a short sale? Tucson real estate agents say that there really isn’t a way to determine this until your short sale is completed. Tucson real estate agents say that there is good news however and that’s that there are steps you can take to mitigate the negative impact as well as to begin rebuilding your credit as quickly as possible once your short sale is completed.
First and foremost however, Tucson real estate agents want to clear up a common misunderstanding and that is that it’s not the actual short sale that hurts your credit; it’s actually all of the missed payments that lead up to it. With that being said, the fewer missed payments a homeowner has on their mortgage, the less of a hit their credit score will take. So, how can you minimize the number of missed payments? By contacting a Tucson real estate agent as soon as you default on your mortgage or feel that defaulting is imminent. With all of the new non-financial hardship reasons that lenders are now accepting, such as job relocation, it’s also possible to complete a short sale without missing any mortgage payments, which obviously will impact your credit even less.
If you do complete a short sale and want to begin rebuilding your credit, Tucson real estate agents say one of the best things you can do is to create a budget and stick to it; they can help you with this as well as find you a new home that you can afford. Some homeowners that have completed short sales reported buying bigger items, such as a new car within a few months of closing on their home; some have even raised their credit scores dramatically. The key is to create a financial plan that is within your means and stick to it.
If you need help with your financial situation, want to learn more about what you can do to minimize the negative impact on your credit score or would like help creating a plan after you short sale is completed, get in touch with a Tucson real estate agent today. They have the tools and resources that you need to get back on your feet.