What is the best option: short sale or foreclosure?

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What is the best option: short sale or foreclosure?

I am losing my condo and I am unsure which is the best method to proceed: either short sale or foreclosure. I know I will take a bigger hit on my credit with foreclosure but I need to reserve funds to relocate and I need to extend the process as long as possible. Based on the average length of process, which is the best option?

Asked on August 23, 2012 under Real Estate Law, Virginia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Have you tried to refinance at all or modfy the mortgage with any of the programs available at this time?  I would suggest trying that first.  If that does not work then your options are short sale or possibly a deed in lieu of foreclosure, but make sure that the lender waives their right to a deficiency judgement against you because otherwise you will have them after you.  Good luck.


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