Getting a short sale done is less costly to you. Most people believe that letting the bank foreclose will not hut them or will have the least affect on their credit.
A foreclosure will in most cases keep a home buyer out of the market for up to 7 years and hit their FICO or credit scores as much as 300 points.
A short sale on the other hand will keep a home buyer out of the market for 2 years and nick their FICO 60-80 points.
The question you need to ask yourself is which process makes the best sense for me?
Just like anything else there are exceptions to the rule.
If you are upside down on your home and are facing a foreclosure situation and you don't know what to do?
Would you like to find out if you qualify for this and see if your bank is one of those participating in this program? Please contact me ASAP!
I would like to help you get the relief you deserve.