The Reese Team
Spence & Theresa Reese
Harbourtowne RE/Daniel Island
First of all it is much better to short sale your home than to foreclose. A foreclosure can be much more devastating on your credit and it will make it much more difficult to purchase a home in the future or even rent, depending on the landlord's policies and credit checks. A foreclosure could potentially affect your employment as well. If you short sale your home, you may be able to purchase within 1-2 years. This is dependent on many variables and I would suggest that you contact a REALTOR who is a qualified short sale expert and has the experience and knowledge to help you. Many sellers wait until they are so far behind on their mortgage payments that it is too late to short sale and they ultimately end up with a foreclosure. If you think that a short sale is something you might qualify for, I would recommend you get the process started sooner than later. I have seen way too many sellers wait and/or delay the process because of embarrassment but it is much more embarrassing to have your home foreclosed on. Don't hesitate to contact me if I can help you any further. Best of luck.
In a foreclosure situation you will have problems. I would consult with an attorney about your dilema.
If I may be of assistance, please don't hesitate to call me. 843-469-1330