Short Sale vs. Foreclosure

Which is the better choice?

Losing your home is major concern that some of people have. But there are some options that are available to Homeowners.

Foreclosure the Worst. Loan modification ( about 5% can get approved per my resources) Short Sale which is the best way if the 2nd is no option.

Almost any option is better than a foreclosure. Simply stated, do anything you can before this occurs. While a short sale will still have a impact on your credit score, a foreclosure is like the black hole.
A Short sale will lower you credit score by some 200 points but it can be shortly overcome. If at all possible try and keep one or two credit cards and keep them current.

The best tip I can give is don't try to do this alone. Have a professional help you through these trying times. Using a third party member will allow the emotions to stay on a level playing field and should help the process to go smoother, even though its still a unwanted experience.

I hope my thoughts help.... as always keep a smile.

cb