Short sale vs. foreclosure
Both end in losing the home, but they are very different processes — with very different effects on your credit, your timeline, and your future.
Control
In a short sale, you initiate the process, you negotiate with the lender, and you have a seat at the table. In a foreclosure, the lender drives the process and the homeowner is largely on the receiving end of decisions.
Timeline
A short sale typically takes several weeks to a few months to complete. Foreclosure timelines vary by state and lender but often stretch longer and end with a forced sale or auction.
Credit impact
Every situation is different, but in many cases a short sale results in a smaller and shorter credit impact than a completed foreclosure. We can't promise what your credit will look like — but we can tell you what we typically see.
Future buying power
Homeowners who complete a short sale often qualify to purchase a home again sooner than homeowners who go through a full foreclosure. Lender-specific guidelines apply.
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