Foreclosure vs. Short Sale: Know the Difference

I believe every homeowner deserves the best information and education to avoid losing a home to foreclosure and damaging credit for years to come. Many homeowners today are facing uncertainty. They do not know what to do next for themselves and their families. Despite all attempts to hold on, foreclosure has become a reality that if not addressed and handled correctly, it can have a devastating outcome. Here are a few examples of how a foreclosure will affect your life.

Foreclosure is the most challenging issues against a security clearance outside of a conviction of a serious misdemeanor or felony. If a person has a foreclosure and is a police officer, in the military, security, or any other position that requires a security clearance; the clearance could be revoked and the person will not be able to perform the duties required for the job. On its own, a short sale does not challenge most security clearances due to the fact that short sales are not explicitly reported on a credit report.

Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. In many cases, a foreclosure is ground for immediate reassignment and sometimes termination. Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and will challenge employment in most cases. Again, since a short sale is not reported on a credit report; therefore not a challenge to employment.

Now more than ever, you need to prepare yourself to navigate the mistakes that are most commonly made. As a Certified Distressed Property Expert (CDPE), I have been specifically trained to assist homeowners in difficult situations. If you would like more information or assistance, please contact Krista at 832-585-3035.
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