Foreclosure vs. Short Sale

October 13, 2009 by  
Filed under Blog, Foreclosure vs. Short Sale

Foreclosure vs. Short Sale

Foreclosure is a proceeding that allows the financer to regain the property because the borrower has defaulted on payment.  Foreclosure is a long legal procedure, time consuming and money consuming, to all parties involved.  Short sales put an end to these problems and stop the collection of calls.

Housing Assist researches and chalks out the best plan for the homeowners and gets qualified buyers for these properties.   They will also negotiate the entire short sale with the lender at NO COST.

If you are considering foreclosure as an option to avoid the severe trauma your critical financial status causes, one should really consider a short sale of their property.  The lender undertakes to condone a loan balance owed on a loan secured by the property.  In foreclosure your credit rating is disturbed for ten years as it appears on your credit report.  This will prevent you from obtaining a fresh loan for a period of 7 years.  In a short sale your credit is restored in just 2 years, preparing you to obtain another purchase loan.

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