Check out this great article that talks about the differences between short sale, foreclosure, and deed in lieu: Short Sale, Foreclosure, or Deed in Lie: Which is Best for the Borrower?
When facing tough financial times, while having so many options thrown at you is definitely very difficult. Not being able to afford your home and facing the loss of the biggest purchase in your life is unimaginable. For many, it’s not just about losing a property, it’s about losing a place you call “home”…that part is not only hard financially, but also emotionally. But when your home becomes a financial burden and keeps you up at night, sometimes letting go and moving is the best option.
Many real estate agents will say and advertise that a short sale is clearly preferable. In support of this view, two claims are usually asserted. (1) A short sale is less damaging to the borrower’s credit than a foreclosure. (2) A short sale provides the borrower with a shorter ‘waiting period’ until the borrower will be able to purchase a home again.
Short sale allows you to sell your home, move on with your life, and have a chance at a brighter future, without financial hardship and excruciating stress!