#1 Short Sale Agent in Illinois
No surprises. Just solutions. – Bert Gor

 

phone 877-335-2040

 

direct 630-842-6000

 

e-mail  bert@bertgor.com

 

 
 

· Home
· Reach Bert Gor Now!
· What is a Short Sale
· Why Pick The Bert Gor Team?
· Do I qualify?
· How we WILL Help?
· Saving Your Credit
· Four Things NOT to do!
· Short Sale Glossary Terms
· Short Sale Package
· Short Sale Help
· Request more information
· IRS Loophole Discovery
   
 

  Saving Your Credit

 

Consider the effect on your credit report:

 

You will suffer much more damage to your credit report with a foreclosure than you will with a short sale. It will also take considerably longer to restore your credit rating once your financial difficulties are resolved.
In general, here's what happens:

One of Your Option’s is: Full Foreclosure or a Deed-In-Lieu of Foreclosure:

 

Expect about the same things to take place. Quite often this means a loss of between 200-280 points on your FICO score. A pre-foreclosure FICO of 675 could drop to as low as 395, essentially eliminating you from many years of future credit approvals. It may be as long as three years before you can qualify for another home loan.

Best Option = Short Sale:

 

Expect to suffer some credit score damage, but nowhere near as much. Loss of FICO points will be around 75-125 and your report will show it listed as a 'pre-foreclosure in redemption’, which is far less negative. You will most probably be able to secure a new home loan in about a year and a half.

 

 

 

In any case, it is a good idea to consult with a lawyer, tax accountant (CPA) or a good real estate agent who is experienced with short sales.

 
 

 

ShortSaleIL.com

 
Bert Gor
RE/MAX Professionals Select
Ph: 877-335-2040  -  Fax: 630-206-0694
2272 W. 95th Street
Naperville, IL 60564
License # 476394931
www.ShortSaleIL.com

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