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Short Sale or Foreclosure Better? Illinois (video)

Short Sale or Foreclosure Video

Is a Short Sale or Foreclosure Better? Watch this video for the truth as told by Suze Ormon on OWN.

In this video Suze discusses how short sales and foreclosures affect FICO scores.

  • The Question:  Which will affect my FICO score (credit score) less, foreclosure or short sale?
  • The Answer:  Either way your FICO score (credit score) will be affected identically.

What is a Short Sale?  A short sale is whey you sell your home for less than you owe on it.  So, if you owe the bank $250,000 and you want to sell your house for $150,000 then you are $100,000 short.  In order to sell your house you need the mortgage company’s permission.

Or, you just let your house go through foreclosure.

Either way your FICO score (credit score) will be affected identically.

by Bradley Covey

Bradley Covey is a bankruptcy attorney in Elgin, Illinois. He will help you understand your bankruptcy options including filing chapter 7 or chapter 13 bankruptcy.
2205 Point Blvd., Suite 130
Elgin, IL
60123
US
Phone: (847) 608-1313
Fax: (630) 879-9394

Source: Oprah.com

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About Bradley Covey

Bradley Covey is an Illinois bankruptcy attorney helping individuals and businesses file Chapter 7 bankruptcy and Chapter 13 bankruptcy in Kane County, DuPage County, Kendall County and Will County, Illinois. Brad attended SIU undergrad and NIU College of Law. Brad served in the military at Ft. Stewart, Georgia and Ft. Sill, Ok as a Field Artillery Officer. Brad later served in the Illinois National Guard as a Major.