Defining the differences: Short Sale vs ... - Real Estate Global Network

Defining the differences: Short Sale vs Foreclosure *orange in a apple

A few good solid reasons why a short sale just makes more sense than letting your property go into foreclosure: Both can be caused by a hardship, but the way you work with that hardship - can make the big difference.

Your waiting period is shorter with a short sale than with a foreclosure or bankruptcy. Usually 2-3 years with a short sale (or in some cases (Wells Fargo) have stepped out and allowed repurchase in certain circumstances right after the short sale. As long as it is NOT a Wells Fargo short sale. Foreclosures can be up to 7 years wait.
Sometimes your employment is affected in either getting a job or keeping it (Short sale is ok) Foreclosure can be a big red flag or a stop sign at some jobs
Less embarrassment if you do a short sale and move on, rather than let your property go into foreclosure

Yes there are more ups to a short sale than a foreclosure - I urge homeowners to seriously think about it before just walking away and leaving it up to the bank to foreclose on them.

Defining the difference:

Short Sale: When a homeowner does a short sale they are owning up to their financial commitment and doing something that will relieve them of that commitment (especially in California). vs

Foreclosure: A homeowner will either walk away or do nothing and let the bank foreclosed which is taking no responsibility for the debt.

The choice is the homeowners.

Source: http://www.realestateglobalnetwork.com/xn/detail/2211201%3ABlogPost%3A239717

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