ANSWERS: 1
  • Short sales and foreclosures are two actions taken by people who are having trouble paying their mortgage. Each has many disadvantages and advantages.

    Short Sale

    Short sales is when a person sells her home at a value below the amount remaining on the loan. This is often done because the lender no longer feels like pressuring the client for repayment.

    Foreclosure

    A foreclosure is a court-ordered termination of a mortgage, forcing the occupants of the property to vacate on a certain date.

    Advantages of Short Sale

    A short sale is often preferred over a foreclosure as it stays on a person's credit report for a shorter period and increases a person's chance of buying a home again in the future.

    Any Option is Better than Foreclosure

    A foreclosure should be seen as the absolute last resort because a foreclosure can ruin your credit score, affecting your ability to get any loans and even jobs for up to 10 years.

    Consider Short Sale

    If possible, a person should accept a short sale of his estate if the lender allows it as it leaves you with more options in the future.

    Source:

    Debt Kid

    Mortgage News Daily

    Resource:

    Foreclosure Law Firms

Copyright 2023, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy