What will hurt me less in the long run, a short sale on my house or a foreclosure?

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What will hurt me less in the long run, a short sale on my house or a foreclosure?

Going to be be divorced after 28 years. I was wondering what choice should I make on the house that I/we have lived in for only 7 years and owe more than it can sell for. Should I try to sell it by way of a short sale or stop making the house payments and just move out into an apartment and let the bank take the house. My uture ex-wife moved out 10 months ago, so I have been living by myself here but we both pay for 1 /2 the mortgage, electric, water, garbage, etc. I don’t know what to do. I want to make sure not to do something that will make me worse off in the future.

Asked on June 21, 2012 under Real Estate Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

My experience with credit reporting agencies is that a foreclosure of one's property will do more damage on one's credit report as opposed to a short sale of the same property. I suggest that you consult further with an attorney that practices in the area of consumer debt law to further assist you in your matter.


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