How to Choose Between Foreclosure and Shortsale

Posted over 5 years ago. 2 helpful votes

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1

First, the on "Banks" I trust is Ernie Banks

Never deal with Banks without a lawyer. They are bottom feeders.

2

Credit Implications

My clients have all said that their scores dropped 200 to 300 points regardless of if they did a Shortsale or Foreclosure.

3

Shortsale proposals can be a trap

Banks want every piece of your financial information and your life. They can use this information against you and are likely to, if your information does not match what you had on your loan application. Keep in mind... you have no idea what some brokers put in the application you signed after you signed it. You can be sued by the bank for fraud and the Shortsale denied.

Additional Resources

Creep of the Week: PennyMac's Stanford L. Kurland

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