“I’m behind on my payments and considering just letting my home go. Can you tell me why I should do a short sale?”
Answer:
There are several reasons a short sale is better for you than a foreclosure:
1. You often can stay in the home payment-free as long or longer
2. Significantly less credit damage
3. You can buy a home 2 years after a short sale (but 4-5 if you do a foreclosure)
4. Lender cannot sue you for their loss (unless you agree)
5. No shame, stigma, stress of foreclosure
Feel free to call or email to discuss any of these or talk about your personal situation.
