How to Choose Between Foreclosure and Shortsale

Okorie Okorocha

Written by  Pro

Employment / Labor Attorney

Contributor Level 19

Posted about 5 years ago. 2 helpful votes



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

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


Credit Implications

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


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

Rate this guide

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.


Ask now

22,996 answers this week

2,711 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

22,996 answers this week

2,711 attorneys answering

Legal Dictionary

Don't speak legalese? We define thousands of terms in plain English.

Browse our legal dictionary