For most owners, a short sale is preferable to a foreclosure. Although both can negatively impact your credit score, in a short sale the owner made the effort to do the right thing. Future loans may depend on this effort. Banks are unwilling to negotiate deficiency judgments with the homeowner after a foreclosure. A foreclosure does not indicate “best effort” to better the situation for homeowner and lender.
Walking away from a property does not instill trust in a future lender. Foreclosures can not only hurt the future loan worthiness of the defaulting homeowner but also is bad for the neighborhood. If embarrassment enters into your decision, you can short sale your home without broadcasting it with yard signs and lockboxes. It can be a completely confidential transaction.
Once you have made the decision to short sale your home, condo or investment property, I recommend you call me Cindy Abraham at 954-895-1617 I am a Certified Distressed Property Expert trained to handle the sale. I have the special skills to work with the seller through the complicated steps of the process.
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