Short sales or Forclosure: which is better option for distressed homeowner!
Short sales are considered preferable to foreclosures because
Short sales lessen the impact on the surrounding community or neighborhood
Short sale won’t damage the distressed owner’s credit as much as a foreclosure example, if the borrower is still current with other payments, a short sale may lower the borrower’s credit score by as little as 50 points
Foreclosure On the other hand foreclosure can have an impact on the surrounding community and can lower credit score by 200 points or more.
Foreclosure remains a public record and on credit history for seven years.