Short Sale vs. Foreclosure

Both are options that homeowners are faced with when a loan modification or other programs are not available. The advantages of a Short Sale include not owing the bank any more money. The debt is released and closed. This is not always the case with a Foreclosure. Second, the impact to your credit score can repair faster than a foreclosure, especially if you maintain your credit card and installment loan balances and continue to make on-time payments. Finally, with a Short Sale Fannie Mae/Freddie Mac qualify borrowers within a few years after a Short Sale to purchase again.

Contact us for more information in finding a plan that best suits your needs.