Sometimes it seems like paychecks never seem to make ends meet. Children have growing expenses, bills are piling up, cars break down, unexpected expenses arise, and the mortgage is looming, yet easy to put off. We’ve all been there. It happens. It’s not always your fault. When your mortgage does turn into the straw that breaks the camel’s back, you do have options. In fact, it might be time to consider a Phoenix short sale.

A Phoenix short sale could provide you with the opportunity to live in your home rent-free while the application and short sale process takes place. This is an optimum time to catch up on any other outstanding debts. And, surprisingly, the negative effects on you are limited.

A common question among those considering a short sale is how it will affect the credit of the homeowner. While a Phoenix short sale won’t do your credit any favors, it does not ruin it completely. Ultimately, it is important to remember that a short sale is better than foreclosure. After all, foreclosure is the most damaging to your credit status–even worse than bankruptcy! So basically, anything above foreclosure is a step in the right direction. A short sale might set you back a little bit, but it is nothing you cannot bounce back from.

Like mentioned before, a short sale allows you to miss your mortgage payments for a period of time. Ultimately, this will show up on your credit, but will often show up with a reading such as “paid not as agreed.” Remember though, that your lender indeed must agree to this arrangement, but it shows up this way because it was not the initial plan.

If you avoid foreclosure by choosing to go forward with a Phoenix short sale, you will still maintain the similar buying power you had before. You should be able to be approved for car Mortgages, credit cards, store cards, and consumer goods not long after your Phoenix short sale. In fact, you might even be able to purchase another home in as little as two years. This should be enough time to regain your financial footing.

Ultimately, future creditors may look at this mishap with a forgiving eye. They will likely realize that you were doing the right thing in spite of experiencing a legitimate hardship. A short sale is indeed more responsible than a foreclosure.

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