• Credit Score Impact: Foreclosure stays on your credit report for a significant amount of time, severely impacting your ability to borrow money for years to come. A short sale, while still negative, has a less severe impact and can improve your credit score faster.
• Control Over the Process: In foreclosure, the lender takes control of selling the house. With a short sale, you have more control over the selling process, such as setting a listing price and potentially finding a buyer yourself.
• Reduced Stress: Foreclosure is a stressful and public ordeal.
A short sale is a private transaction, avoiding the embarrassment of a public foreclosure sale.
However, by avoiding foreclosure, a short sale can help you stabilize your finances and rebuild your credit score sooner, allowing you to move forward much quicker. It’s always wise to consult with a financial advisor and possibly a lawyer to determine the best course of action for your specific situation.
See If You Qualify
You’re undergoing financial hardship, such as loss of income, divorce, excessive debt, or death of a homeowner.
You owe more than the house is worth when factoring in the mortgage, additional liens, HOA fees, and closing costs.
Your mortgage loan is at least 30 days delinquent.
An appraisal obtained by your lender shows the value of your home as less than the mortgage amount
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