The Difference Between a Short Sale and a Foreclosure

Here are some of the important differences between a Short Sale and a Foreclosure. It is important to understand these differences so that you can make an informed decision. There are many benefits to doing a Short Sale on your home as opposed to allowing it to be Foreclosed on.

Short Sale	Foreclosure
Sell Home for More $	Home Sells for Less
Shows as a Closed Account on Your Credit Report	Shows as a Foreclosure on Your Credit for 10 Years
Typically Stay in Home For Longer	Typically Stay in Home For Shorter Time
No Eviction	Eviction
Private. Neighbors Do Not Have to Know	Public Notices Filed and Posted at Your Home
No Deficiency Judgment	Deficiency Judgment
No Cost to Seller	Trustee Sale
Right Way to Handle This Type of Debt	Can be Embarrassing. Wrong Way to Handle.