Is a Short Sale better than Foreclosure?

Here's a question frequently asked: Is a Short Sale better than a foreclosure. The answer to that is "yes"! At least as of this writing it is. The reason for that is typically on loan applications borrowers are asked if they "ever" had a foreclosure. "Ever" as in "forever". Technically that could mean for the rest of your life you would have to confess that you once had a foreclosure even if it was 20 years ago.

The housing market is so bad during this recession that probably so point in the future loan applications may have a question that asks: Have you ever had a Short Sale, but to my knowledge it isn't being done so now.

With foreclosures at a record high that means a lot of people may not easily be able to get a loan in the future but I believe with so many being affected loan restrictions will likely loosen but don't expect that to happen anytime soon.

If you do find yourself in the unfortunate position of having to choose between a Short Sale and a Foreclosure the Short Sale may be best but as always seek professional advice before making a decision.

If interested in learning how to do Short Sales check out these:
SHORT SALES ON VIDEO AND MORE.

This article is not legal advice. Reader should seek professional counsel for assistance.