Real Estate 101: What Is The Difference Between Short Sales and Foreclosures?
For homeowners who fall behind on their mortgage payments, mainly due to a sudden financial crisis, such as unemployment and other income loss, unexpected debts, interest rate hikes, or economic downturn, among others — the two main options available are either a short sale or foreclosure.
Let’s take a closer look at what these things are, their differences, and which is the better option for any homeowner depending on their situation and timeline.