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Short sale and foreclosure

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Frederick
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Subject: Short sale and foreclosure
 
 Posted on Fri Jul 04, 2008 11:51 am  
Can anybody tell me what is the major difference between short sale and a foreclosure. I want some information on it.
 
Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 232



6571 Magic Points
 
 Posted on Fri Jul 04, 2008 12:19 pm  
Short sale and foreclosures both relate to your inability to repay your mortgage payments. In case of short sale, you sell your home at much lower price than what you owe to the to the creditor. On the other hand in foreclosure, lender not only takes your house, but can also put judgment against you.
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Best Wishes
Justin
 
Mary

Mary

Joined: 06 Jul 2006
Mary's page
Posts: 166



5169 Magic Points
 
 Posted on Sat Jul 05, 2008 7:09 am  
Yeah, but both foreclosure and short sale gives negative impact on your credit report. While short sale lowers your credit score by over 200 points, foreclosure lowers it by about 240 to 260 points. Although both are negatives in your credit report, it is always advisable to go for shortsale. But the main problem with short sale is that, it is very difficult to make your lender agree to sort sale.
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Where there's a will, there's a way !!
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 2476



2725 Magic Points
 
 Posted on Sat Jul 05, 2008 11:52 am  
If you go to the top of this page, you will see a mortgage tab, if you go there, and post your question you will get a lot of good responses and advise from people who are working in the mortgage and banking industry.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
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