Short Sale vs Foreclosure? Ocean Beach, Point Loma, Pacific Beach, Mission Valley, Downtown, San Diego, CA
By Rod Watson, Luxury Home Specialist
(Pacific Sotheby's International Realty)
SHORT SALE VS FORECLOSURE? Should You Choose a Short Sale Over a Foreclosure? A reader asks: My husband and I have been making our mortgage payments every month even though our home is underwater. We owe a lot more than our home is worth. Now, my husband has lost his job. We're thinking about walking away from our home and letting it go to foreclosure, but my parents are telling us that we may qualify for a short sale. Which is better for us? A short sale or a foreclosure?" Answer: Whether you should do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to throw up your hands and let the bank take your home, that might not be the wisest thing to do. Short Sale Benefits Here are a few benefits for doing a short sale that m...