Short Sale or Foreclosures

  1. LVHighRise profile image60
    LVHighRiseposted 6 years ago

    What do you think, is it easier to work with a short sale or a foreclosure?

  2. ForeclosureDJens profile image61
    ForeclosureDJensposted 5 years ago

    It really depends on your situation. There are pros and cons to both. With a short sale, you risk losing a home that you've built and lived in for years... made memories in. Not to mention you could possibly be held liable for any deficiency balance between the original loan amount and any depreciated value that it is sold for. Homeowners sometimes receive a 1099 form after short sale which details this.

    In foreclosure, you have a few options. First of all, if you carefully inspect your documents you may come to find that there is fraud done on them by the lender or bank. You can contest this fraud and possibly have your home free and clear.

    Best of Luck!