Are you asking yourself, “What affect will the foreclosure have on me long-term?” This is one of the most common questions asked about foreclosure. The same thing goes for Short Sales. Questions like “If I do a Short Sale, is it better than a Foreclosure?” and “Why don’t I just walk away from my house?” are both frequently asked. However, it’s hard to find all the answers.
We’ve compiled a list of these types of foreclosure and short sale questions and answered them for you in an easy to understand format. This is not a list of consequences we’ve set for Kentucky Homeowners, it just “is” the list of consequences for either path you choose. The choice between a Foreclosure or a Short Sale will impact you greatly for years to come.
You’ll find that the benefits of selling your house on a Short Sale far outweigh the reasons to “Just let it go to auction.” So if you’re on the fence about either allowing your house get sold at foreclosure auction, or trying to do something about it before then with a short sale, then take a close look.
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As you can see on this chart: With a short sale, you might be able to buy another house in as little as 2 years! If you do nothing and let the house go to auction, that number changes to 5. With foreclosure, your credit is at serious risk, a Deficiency Judgment could come up, and even your current or future employment could be at stake. The list goes on and on.
If you’re already doing a Short Sale, or considering one, pat yourself on the back! Share this list with others and they’ll thank you for it.
You can also download a free copy of this Foreclosure vs. Short Sale chart in PDF Format HERE.
If you want to sell your house before the auction takes place, we can often postpone the foreclosure for 3 or more months and avoid the long list of problems in the “Foreclosure” column. Just call us at 502-212-2482 or fill out the form below: