Applying for a car, student or any other loan is easier after short sale foreclosure. Loan applications do not enquire about a short sale. However, they do ask questions asking about foreclosure. Lying on a loan application is committing a mortgage fraud, which might attract severe penalties.
Overall short sale is a better option, because it puts the homeowner in control of the sale of the house. The lender is not in control of the sale. You would know who would be buying your home and you will not have to deal with the stigma of having foreclosure on your record.
It is also a better option for buyers, because they are able to buy a house at a reduced price. Short sale foreclosure is a better option for lenders, because atleast they are able to get some of their money back.
So basically it is a win-win situation for everyone involved. It is an option worth opting for.
Rich Griffiths is an experienced real estate investor specializing in short sales in Las Vegas, Nevada. Through his investment company he is able to help homeowners get out from under their over leveraged properties. Check out his Las Vegas Foreclosure & Short Sale Blog and learn how you can Avoid Las Vegas Foreclosure.
Overall short sale is a better option, because it puts the homeowner in control of the sale of the house. The lender is not in control of the sale. You would know who would be buying your home and you will not have to deal with the stigma of having foreclosure on your record.
It is also a better option for buyers, because they are able to buy a house at a reduced price. Short sale foreclosure is a better option for lenders, because atleast they are able to get some of their money back.
So basically it is a win-win situation for everyone involved. It is an option worth opting for.
Rich Griffiths is an experienced real estate investor specializing in short sales in Las Vegas, Nevada. Through his investment company he is able to help homeowners get out from under their over leveraged properties. Check out his Las Vegas Foreclosure & Short Sale Blog and learn how you can Avoid Las Vegas Foreclosure.
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