Foreclosed vs. Short Sale . . . Any Differences?
April 27th, 2009 . by Jon ModeneForeclosed vs. Short Sale?
Sadly becoming an important question.
A vital question.
A confusing question.
As a CDPE (Certified Distressed Property Expert – trained and credentialed by The Distressed Property Institute - of whom I am now on their Board of Directors) I have seen first hand how this question is impacting the decisions that many homeowners have to make this year. Tough, gut-wrenching decisions.
As always, seek legal counsel. But – sadly, I have attorney’s who ask ME for help and information! So be careful what attorney you ask!
Here is a chart of the effects on your credit of doing a short sale vs. being foreclosed:
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