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Many homeowners are unable to make their mortgage payments due to financial hardship. At such a time, they often have to decide between short sale foreclosure and foreclosure. A homeowner should take this is a decision after careful consideration of the advantages and disadvantages of both the options.

Foreclosure is a legal process that is initiated by the lender to terminate the owner's right to a property. The property is sold at an auction and the proceeds are used to pay the mortgage debt. Short sale, on the other hand, is selling the house for less than what is owed on the property.