If these two are you only option which looks better Short Sale or Foreclosure on a credit report?
I know they both hit your credit hard but with my
A) loss of my job
B) total loss of economy here in my area (been job searching for over 6 months now)
C) property value loss to less then what I owe and finally
D) zero collateral or funds available to compensate for balanced owed on mortgage
My only option is either A) let the bank take it or B) do a short sell
Another thing on my mortgage is it’s a VA Home Loan so my VA Benefit will come in and pay the remaining balance (for example I owe 96,000 on my home right now it’s probably worth 90k if I’m lucky) so I sell it for 90k well out of my 36k VA Benefit the VA will take 6 grand and pay the bank the rest
So with that said as well will it affect my credit like a short sell because the lender will get the full pay off amount just from two different sources and I will be able to keep my VA Home Loan just with a lesser award amount allowed?
This is for all the Real Estate, Bankers, and Lenders out there please I have yet to get a straight answer…
Another thing if I short sale and still keep my VA Home Loan just with a lesser benefit amount will I be able to get another VA Home Loan right away or have to wait seven years?
Thanks to all who answer and sorry it’s so long
I have been looking out of state and have had some interviews but I will have to move to find work