Do you want to complete a West Chester short sale but are concerned that it will negatively hurt your credit? This is one of the most common misunderstandings when it comes to completing a West Chester short sale and right now West Chester short sale agents would like to clear up some of the confusion and explain how completing a West Chester short sale actually impacts your credit.

First, it’s important to understand that there are two different parts; there’s your credit score and your credit report. When completing a West Chester short sale, the mortgage on your credit report will read “settled for less than amount owed”. This statement typically is removed after 2-3 years once you are able to purchase a home again.

It isn’t quite as easy, however, to determine what kind of affect a West Chester short sale will have on your credit score. West Chester short sale agents explain that it’s impossible to know how much your score will be impacted until the transaction is actually completed, however it’s also important to know that the impact can be mitigated by missing a fewer number of mortgage payments. You see, it’s not the physical act of completing a West Chester short sale that hurts your credit score, but the missed mortgage payments that lead up to it. Many homeowners often are unaware of this fact. Another thing that homeowners are unaware of is that it’s possible to rebuild your credit in only a few short months after completing a West Chester short sale.

The most important thing to keep in mind is that the impacts of a West Chester short sale are far less damaging than a foreclosure; it’s also much easier to rebuild your credit after the fact. For more information on credit impacts and a short sale, contact a West Chester short sale specialist today.