Short Sale vs. Foreclosure

By
Real Estate Agent with Exit New Options Real Estate

Here in North Central Massachusetts many home sellers are faced with the prospect of having to sell their homes due to divorce, job loss, or re-location. I have always felt that a seller should try everything to keep their credit as best they can, stay in the house as long as possible, and do whatever they can to make it work. Lately I have been hearing from real estate attorneys that they sympahize with sellers that want to walk away! Once all personal information is given to the lender in an effort to negotiate the short sale, the lender has everything they need to pursue the deficiency. The damage to their credit is almost the same.   Is this all true???

Posted by

 

Denise F Wortman

 

REALTOR® ABR

MA License 9017529

Exit New Options Real Estate

100 Erdman Way 2nd Fl S

Leominster MA 01453

 

855-3-DENISE (336473)

888-363-3948 x116 - office

888-273-0395-personal fax

www.denisewortman.com

 

Value Added Service before, during and after the sale!

 

 

Denise F Wortman

 

Comments (1)

Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates

Lenders will look more favorably in the future on the short sale due to the fact that they tried to work it out. It is true that the bank or mortgage company can enter a deficiency judgement. 

Who would of thought we would be here ten years ago?

Oct 06, 2011 09:15 AM