Short Sale Versus Foreclosure
There are some key differences between a short sale and a foreclosure:
Credit score: A short sale may have a less negative impact on a homeowner's credit score than a foreclosure.
Timing: A short sale can take place at any time, while a foreclosure is a legal process that can take months or even years to complete.
Expenses: A short sale typically involves no fees versus a foreclosure.
Outcome: A short sale allows the homeowner to sell their property and avoid foreclosure, while foreclosure results in the lender taking possession of the property.
It's important to carefully consider the pros and cons of a short sale versus a foreclosure before making a decision. It may be helpful to speak with a real estate attorney or financial advisor for more guidance.
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