Posted on: 07th Nov, 2013 12:51 am
I lost my job and my wife also does not make much. We are thus facing problem with paying mortgage. Which would be a better option – short sale or foreclosure?
I feel that short sale will be a better option compared to that of a foreclosure. The negative credit impact will be comparatively less than that of foreclosure.
As far as the time that must elapse after a foreclosure vs short short sale before you can get another mortgage, short sale is probabaly the better choice.
Other than that, not much difference as to which may be better choice.
When you place the property up for short sale, if it does not sell or sells for an amount that the lender will not accept, you end up eventually in foreclosure.
Also, consider offering to give the keys to the lender: deed-in-lieu of foreclosure. If the lender accepts, that is treated credit wise the same as a short sale
Other than that, not much difference as to which may be better choice.
When you place the property up for short sale, if it does not sell or sells for an amount that the lender will not accept, you end up eventually in foreclosure.
Also, consider offering to give the keys to the lender: deed-in-lieu of foreclosure. If the lender accepts, that is treated credit wise the same as a short sale
