Why is a short sale better than foreclosure?

A short sale is generally better than foreclosure because at the completion of the short sale the judgment, which is a result of a foreclosure, is eliminated or removed so on your record or your credit history, your credit record, whatever you want to call it, you don’t have a judgment in place.

If you go forward with a foreclosure and there’s a foreclosure sale, at the auction the judgment stays in place, the judgment stays on your credit record and credit history as opposed to the short sale that when the short sale is completed if there is a judgment the lender will move to vacate and remove that judgment.

Speak Your Mind

*