Why Choosing Foreclosure Over Short Sale Is A Big Mistake

Let’s face it. Most distressed homeowners today are more inclined to walk away from their homes or choose a foreclosure over a short sale. If you ask them, they will tell you it is the easier way out of a rather difficult problem.

Of course, they did not think about the long term effects of this decision. Having a foreclosure entry on your credit report means you are not financially credible. You will, for the first time in your life, have difficulties applying for loans even credit cards. Banks today have become more conservative when it comes to their lending guidelines and you may not want to experience this kind of problem.

You also have to live with knowing there was another way out.

Short sales have always been considered to be the safest answer to a foreclosure threat. It allows you to leave your home without any mortgage debt hounding you. Yes, the process involved can be a bit frustrating, especially with the way most banks are handling short sale proposals nowadays. But at the end of the day, you have done the right thing. Although it took almost all of your patience, you persevered to stop foreclosure from entering your family’s life.

If you think about it, choosing a short sale over foreclosure is actually simple after hearing these arguments. But it will take a lot of will power not to give up in the middle of the fight as the road to a short sale approval is riddled with delays and other problems.

The best way to go about a short sale is to hire someone who makes a living helping distressed borrowers like you. Look for a short sale Realtor who is not only knowledgeable but also experienced. Find someone who has a system in place and who will stick by your side until this fight is over. Ask your friends or co-workers for a referral.

With your firm resolve to see your short sale through and with a competent individual beside you, you will be surprised at how easy things will be.