How Does a Short Sale Work When Borrowers Are Facing Foreclosure?

The average duration of the short sale process is 4 to 6 months

. Lenders report real estate short sales to credit bureaus, so borrowers should consider engaging in credit repair strategies soon after the sale. Short sales can reduce FICO scores by upwards of 100 points or more. If borrowers commit to paying bills on time and do not incur additional debts, they may be able to qualify for a mortgage loan within 2 to 3 years.

How Does a Short Sale Work When Borrowers Are Facing Foreclosure?

By: Simon Volkov

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