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Why would you choose a short sale over foreclosure?

You may not want to go through a foreclosure or a short sale, but if it's necessary to do so, there are some things that can help you get through the process without it devastating your life. Fortunately, short sales don't have to be as damaging as foreclosures, so they're a better option for many people.

When you sell a home through a short sale, you sell the home for less than it's worth while having the remaining debt forgiven. The lender has to agree to the sale, but once it does, the sale can proceed. At that point, the lender sends out information to the credit bureaus to state that the debt is paid but that it was not paid in full. This damages your reputation.

Short sales only affect your credit for around two years instead of seven like a foreclosure. That means that you'll be able to start building up your credit again sooner rather than later. It also means you may be able to buy a home again sooner than if you choose to go through a foreclosure.

Why do some people choose foreclosure over a short sale?

Short sales take much more work and waiting in most cases. A foreclosure happens on a specific date, which means all you'd have to do is move out beforehand. With a short sale, you have to wait for an offer, and that can take time. Even after you get one, it will take months for an approval or rejection. It's only then that you can sell the home and move on.

Your attorney can talk to you about which of these decisions would work for you. Both foreclosures and short sales have benefits to discuss.

Source: MoneySmartLife, "5 Secrets to Surviving a Short Sale," accessed July 28, 2017

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