Many things will affect your credit score, but several things will affect the score more so than others. A foreclosure in Miami will affect your credit score far more adversely compared to an unpaid medical bill. When facing a possible foreclosure, you should attempt to seek other methods of ridding yourself of the financial responsibility before you get to the point of a foreclosure in Miami. There are several things that you can do as an alternative to foreclosure.

One of the most popular methods to utilize as an alternative to foreclosure is a short sale. A short sale is when you sell your home for less than the market value of the home and you can either have the remainder forgiven by your lender or establish a method of repayment. Short sales are preferable to the lender when it makes financial sense as it saves them their reputation because they did not have to foreclose and time. However, if you owe a considerable amount more than what the home can be sold for, it is highly unlikely that you will get any lender to agree to a short sale.

Short sales have to be negotiated with your lender. Negotiations are full of legal jargon that can be complicated for the average person which is why it is incredibly beneficial to seek the help of a short sale lawyer in Miami to assist you in this matter. A short sale attorney can assure that negotiations are done with the best possible results. Not to mention, it is harder to tell a lawyer “no” than a homeowner.

Your short sale attorney in Miami can oversee everything from negotiations to finalization of a short sale. Talking to a short sale attorney in Miami before you attempt a short sale will yield valuable advice. Your short sale attorney in Miami can also explain the ramifications of a short sale when it comes to your credit score. Your credit score will be affected by a short sale, but not nearly as badly as a foreclosure in Miami or a bankruptcy in Miami.