The effects of bankruptcy and a short sale are different. Although both are an alternative to foreclosure, you should consider how the end result will affect you in the long run.
Bankruptcy:
- Appears on background checks that can be seen by prospective employers
- Appears on your credit and financials which will affect your ability to borrow money
-Bankruptcy records are open to the public and remains in the public records
Short Sale:
- Appears as a “settled debt” on your credit report
- There is no deficiency judgment after a short sale
- Not affect security clearance or appear on background checks
- Purchase another home faster than after foreclosure or bankruptcy
ja
The effects of bankruptcy and a short sale are different. Although both are an alternative to foreclosure, you should consider how the end result will affect you in the long run.
Bankruptcy:
- Appears on background checks that can be seen by prospective employers
- Appears on your credit and financials which will affect your ability to borrow money
-Bankruptcy records are open to the public and remains in the public records
Short Sale:
- Appears as a “settled debt” on your credit report
- There is no deficiency judgment after a short sale
- Not affect security clearance or appear on background checks
- Purchase another home faster than after foreclosure or bankruptcy
ja