Relocation Assistance
- Foreclosures does not receive Relocation Assistance.
- Short Sales does receive Relocation Assistance.
Public Notice
- Foreclosures there will be public notice of.
- Short sales are private, no public notice of.
Property Sold at Auction
- Foreclosure means properties sold at auction.
- Short Sales are not properties sold at auction.
Credit Worthiness
- Foreclosures affects credit for a minimum of 7 years and maximum of 10 years.
- Short Sales affects credit for 18 - 24 months.
Qualify for a New Mortgage
- Foreclosures take about 5-7 years
- Short Sales take about 18-24 months
Privacy
- Foreclosures must be disclosed on applications when asked/ required
- Short Sale is kept private
Employment/ Future Employment
- Foreclosure can affect certain types of positions or may not qualify for hiring.
- Short Sale does not challenge employment.
Deficiency Judgment
- Bank may pursue a deficiency judgement in a Foreclosure.
- Short Sale satisfies debt to the lender.