Short Sale vs. Foreclosure.
Foreclosure is a legal process used by your lender to reclaim a property that is in default and sell it to pay off your loan.
Short sale is a workout that when approved by your lender would allow the home to be sold at fair market value even if it is less than the total amount due on the loan. If you owe more than your home is worth (its market value), a short sale may be a good option for you if you have experienced a financial hardship and can no longer afford your home.
Foreclosure will reflect more negatively on your credit report than a short sale.
Please call us at 1-800-365-4884 or e-mail us at email@example.com to discuss your options.