Let’s face it. A Duval County short sale is indeed a better option than losing your home to foreclosure but, you have to be realistic when it comes to how such a transaction can affect your credit score. In order to be ready for the consequences or outcome of a short sale, you might as well know what you should expect.

There are basically five scenarios involving your credit score:

1. No Effect – There are a lot of cases when everything goes well in a foreclosure and the homeowner ends up not worrying about any repercussions showing up on their credit report. If you want the same thing to happen to you, you should work hard to convince your lender to accept your short sale proposal and be satisfied with the proceeds while agreeing to clear you of the entire mortgage debt. You might want to consider hiring a short sale Realtor who will truly help you come out of this situation virtually unscathed.

2. Paying the Difference – Some lenders will agree to a short sale if you will agree to pay off the balance. Most lenders opt to go after the difference when the amount is considerable enough. Although you might agree to this in order to avoid a foreclosure, it is likely it would show up on your credit report which could certainly take a toll on your credit score.

3. Deficiency Judgments – If you do not agree to pay off the difference after a short sale has been concluded, you may expect the lender to file a judgment suit against you. This kind of suit will have a very negative impact on your credit history.

4. Missed Payments – Since you are considering a Duval County short sale, if you are missing payments you should not be surprised your credit score will be negatively affected.

5. Penalties – It is likely you will charged with late fees for missed mortgage payments, which could all show up in your credit records and hurt your credit score. If you are worried about not being able to afford your mortgage, you can negotiate with your lender the terms of your mortgage loan.