Short Sale vs. Foreclosure: What’s the Difference?

If you're facing financial difficulties and can no longer afford your mortgage payments, you may be wondering whether to pursue a short sale or allow your home to go into foreclosure. While both options will result in the loss of your home, there are some key differences between the two that you should be aware of.

A foreclosure occurs when you stop making mortgage payments and the lender repossesses your home. This will damage your credit score and make it difficult to obtain new financing in the future. A short sale, on the other hand, is when you sell your home for less than what is owed on the mortgage and the lender agrees to forgive the balance.

While a foreclosure will stay on your credit report for seven years, a short sale will only remain for two years.

The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.

Our goal is to help you to find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706