No two situations are alike and, as such, neither are the remedies. Whether a short sale or foreclosure is best for you will entirely depend on your own specific circumstances, which is why hiring an attorney who is experienced in handling such matters is critical. However, it is also beneficial for homeowners to fully understand the benefits of both options, so they know what questions to ask during their initial consultation. Therefore, we have compiled a list of the benefits that are associated with each of these options.
The Benefits of a Short Sale
The fact is that both options have an upside, so the key to knowing which is better is having a good grasp of your own financial needs and what will leave you in a better position. The following are some of the benefits you stand to gain from a short sale:
- The bank will not have control of the sale; you will
- You might feel better about knowing who is buying your home
- If you are concerned about some of the social stigma that is attached to the word “foreclosure,” you will be able to spare yourself this
- You can stay current on your payments while applying for a short sale
- The sale of your home will be handled like any other
The Benefits of a Foreclosure
Depending on your preferences and situation, some of the aforementioned benefits might not seem valuable to you. Below are some of the benefits of another option, foreclosure:
- It provides an immediate solution
- You will be able to stop making payments and live in the home until you are forced to leave
- If anything breaks or malfunctions, you are not obligated to fix it
- You can simply walk away and leave the home behind
The Downsides
Of course, every option presents possible downsides. For short sales, one of the most notable downsides is that they tend to take quite some time. From start to finish, you can expect a short sale to take at least six months, if not more. Additionally, there is often a slew of paperwork involved, but with an attorney, you will be able to get through this and, if it is the best option for your situation, it will be worth it.
When it comes to foreclosure, the most negative side effect is the impact it will have on your credit, which is substantially greater than the impact a short sale would have. If you have a second loan or mortgage following a foreclosure, the lender can pursue you for the entire deficiency balance, whereas this would likely be forgiven in a short sale.
Ultimately, it would be wise to review your options with an attorney to ensure you are making the right choice and are not making any unnecessary or costly mistakes.
Foreclosure Defense Attorney in Brevard County
If you are facing foreclosure and are in need of legal assistance, turn to the experienced attorneys at The Buchalter Law Group in Brevard County. Our bankruptcy attorneys have over three decades of experience and a proven track record of success in assisting thousands of clients facing difficult financial issues. No matter how complex your case might be, you can be confident in our ability to find a solution.
Get started on your case and call The Buchalter Law Group today at (321) 320-6088 to schedule a free case evaluation.