Foreclosure vs. Short Sale - A Comparison
Why should you let the bank take your home (foreclosure) only to resell it again?
A Certified Distressed Property Expert can help you sell the home on your own by getting the bank to agree to settle with you for less than you owe (short sale).
Foreclosure In 100% of Georgia foreclosures, the bank has the right to pursue a deficiency judgement. | Cost to You Even after losing your home, you may still owe the entire mortgage amount and have a legal judgement on your credit history. | Short Sale An expert short sale negotiator (CDPE) may convince the bank to forego the deficiency. | Benefit to You When it's over, you can walk away and get on with your life, owing nothing more to the bank! |
The bank evicts you from your home and then resells it. | Besides the personal stress and trauma, foreclosure leaves a stain on your homebuying record that follows you forever. | You hire a specialist who negotiates with your bank to allow you to sell the home... for less than you owe | Temporarily lowers your credit score but you may buy another home in just two years |
Remains as a public record on your credit history for 10 years. However, potential lenders will continue to bring up and hold it against you forever. | Presents challenges for future purchases, future employment, security clearances, etc for up to 10 years and possibly forever. | There is no specific reporting item for 'short sale.' The debt may only show up as 'Paid as Agreed.' | Short sale is not reported on your credit history. |
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