Short Sale vs. Foreclosure

Helping troubled homeowners is our mission.

How it affects	Short Sale	Foreclosure
Your Credit Score	In a short sale, is usually affected for just 2 years, which means you can rent for a copule of years and then you can buy a home again. Your credit will likely be lowered by just 50-150 points.	A foreclosure stays on your record for up to 10 years, and can hit your credit score by 300+ points.
Your Credit Report	On your credit report, a short sale will usually be reported as a "Settlement", or "Settled in Full" which means your worked something out responsibly with the lender.	A foreclosure will show as "FORECLOSURE" on your credit report for up to 10 years and is permanent in the country public precords.
Control of the Sale	In a short sale, you are in control of the sale and you will have plenty of time to plan and move to another home with dignity and in many cases, lender incentives like help with move-out costs. You also choose the buyer!	In a foreclosure, you will be evicted by the bank, and you will be harassed by lenders throughout the process. It's very unpleasantm not to mention to social stigma of the "F" word, foreclosure.
Employment	A short sale does not show as a "Short Sale" on your credit report and shouldn't affect your current or future employment	Many employers reserve the right to check your credit history. A foreclosure can be grounds for re-assignment and can affect future employment opportunities.