Re: Foreclosure vs. Short Sale
Posted by NJDave on March 28, 2008 at 14:30:05:
In Reply to: Foreclosure vs. Short Sale posted by Rosemarie on March 28, 2008 at 13:52:25:
More like, foreclosure AND short sale.
Most short sales occur after multiple missed payments, and the foreclosure process underway. The damage to your credit has been done, and will only get worse unless you resolve the matter. The worst mark on one's credit, in my opinion, would be multiple missed payments, foreclosure, then Sheriff's Sale.
A short sale avoids Sheriff's Sale and demonsstrates to future creditors you tried to mitigate the situation.
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