Original research done by syndicated writer Keith Harney.
Before we go further, please note that these figures below are compiled based on your Vantage credit score. The Vantage score is a fake score manufactured by the three main credit bureaus — Equifax, Experian and TransUnion. It is not the official score used by most lenders. Yet it still give you a good indication of what to expect with your true credit score.
When you do a short sale, the lender agrees to let you sell your property for below market value and everyone walks away, essentially with almost no harm, no foul. But if you go into foreclosure, the lender has the right to sue you for deficiency. That means you’re responsible for whatever financial losses they suffer as a result of the foreclosure.
And that can lead you to bankruptcy, which will remain on your file for 10 years.
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