Short Sale vs. Foreclosure

Of all available options, hands down foreclosure is the worst.

The unavoidable result of a foreclosure is the lender taking your home. Not only will you lose your home, but the lender can get a judgment against you for the arrearages you owe plus his costs for the foreclosure action. If that isn’t enough, your credit report will be in terminal condition for many years to come, worsening an already bad financial situation and making it very difficult to obtain any other kind of credit. There is no upside to foreclosure. It should be prevented at all costs.