- There are no legal fees payable by you, the bank that holds your mortgage pays all our fees as well as all legal fees, and if the short sale is not successful, no fee is charged. In a foreclosure, you must hire your own attorney to represent you and pay their fee out of your pocket.
- Relocation Fees Can Be Paid By The Bank: Some banks are offering relocation fees to assist in your moving expenses after the short sale is completed. Helping you on your way to a new start.
No Deficiency Judgments: Unlike a foreclosure, which sometimes results in you having a judgment against you by to the bank even after the foreclosure, a successful short sale does not leave the homeowner with a debt owing to the bank and your credit is not effected as much.
- Your Credit Score Recovers Quicker: A foreclosure can take up to 2 years to complete, and once finished can stay on your credit report for up to 7 years. A short sale will impact your credit score, but it can be repaired within 18 months by a qualified credit repair expert.
- You continue to own and live in the property during the short sale process.
You keep control with a short sale, in a foreclosure, you do not have that control.
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