Losing home to foreclosure due to inability to pay monthly payments regularly is one of the life’s unpleasant and disheartening experiences. With foreclosure, it is not only the home you are going to loss but also the credit ratings that get affected with foreclosure reporting. One can’t say they never become prey of foreclosure as they can’t foresee the future happening. Serious illness, a major accident, divorce or job loss incidents are such things which are not foreseen and can ride your wave. Hence is always safe to be careful and have enough knowledge about the alternatives in case of worse situation.

Foreclosing is not the end of your mortgage debt problems instead in some cases the lender may file deficiency judgment against you and the cost of foreclosing. The worst situation that can happen is damage to your credit report and your future credit. Hence to safeguard yourself it is very important to avoid foreclosure. In such situation I suggest short sale is best option to foreclosure. Here are the reasons why short sale is considered as a best option.

Credit report: in case of short sale Cialis each state has different regulations for credit ratings but most often it is said that short sale on the credit report will reduce the credit score from 80 to 100 points. The score reduced depends on many factors and the actual points deducted from the credit score will vary upon other factors. But in case of foreclosure, flat 250 points will be affected which is disaster to credit score. Even if you are holding 800 points then after foreclosure the score will be dropped to 550 which is major blow to your finance.

Home owner future credit will not be affected much. It means with short sale the home owner can apply for new mortgage and buy a new home within 2 years. This is possible if the home owner do not signs foreclosure agreement with lender or the lender does not files deficiency budget. But with foreclosure, it is not possible for a home owner to buy a new home or apply for new mortgage for 5 to 8 years and at the same time the borrowing terms for new loan will be tighter such as high interest rate.

In case of short sale the chances the lender files deficiency budget are less than foreclosure, which makes the short sale a better option compared Brand Levitra to foreclosure.

Based on the above you must decide which one to choose to safeguard your future finance.

Author Bio: Ella Harrison is an author and webmaster at http://i-bizza.com that gives you debt relief information and tips on how to lead a debt relief life.

Category: Finance/Credit/Mortgage
Keywords: debt consolidation, debt relief, debt relief programs, debt relief cialis generica programs online, debt help, debt solutions