With the US government's $85 billion in spending cuts looming and the potential effect on personal finances, it's important to keep in mind the pros and cons of short sale vs. foreclosure. Two key points:
1. A short sale is not listed on your credit report, while a foreclosure is. Most employers do credit checks, and you don't want a foreclosure on your record to negatively impact decisions regarding your employment. While businesses can utilize foreclosures as a "strategic" tactic, a decision to foreclose by a homeowner is not looked on so favorably.
2. Many industries today require security clearances, not only the military and government agencies. Fire departments, high level police, software development corporations, and some areas of telecom are a few examples of other industries requiring security clearances. While a short sale on your record will rarely affect acquiring a security clearance, a foreclosure will almost always have a negative impact.
Call me today for a short sale consultation - Lisa Aguilera, The Aguilera Real Estate Team
1. A short sale is not listed on your credit report, while a foreclosure is. Most employers do credit checks, and you don't want a foreclosure on your record to negatively impact decisions regarding your employment. While businesses can utilize foreclosures as a "strategic" tactic, a decision to foreclose by a homeowner is not looked on so favorably.
2. Many industries today require security clearances, not only the military and government agencies. Fire departments, high level police, software development corporations, and some areas of telecom are a few examples of other industries requiring security clearances. While a short sale on your record will rarely affect acquiring a security clearance, a foreclosure will almost always have a negative impact.
Call me today for a short sale consultation - Lisa Aguilera, The Aguilera Real Estate Team
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Lisa Aguilera, The Aguilera Real Estate Team
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