SHORT SALE vs. FORECLOSURE and or BANKRUPTCY

REAL ESTATE

SHORT SALE vs. FORECLOSURE

NEGOTIATED SETTLEMENT

LESS IMPACT ON CREDIT

TYPICALLY REPORTED AS SETTLED DEBT

NO ATTORNEY FEES

BUY AGAIN IN 2-3 YEARS

LIENS NEGOTIATED

SELLER STAYS LONGER IN THE PROPERTY

SHORT SALE vs.

NEGOTIATED SETTLEMENT

NO ATTORNEY FEES

NO REPAYMENT PLAN

TYPICALLY REPORTED AS SETTLED DEBT

LESS IMPACT ON CREDIT

FORECLOSURE GETS DISMISSED

COURT SETTLEMENT

CREDIT IS RUINED FOR 10 YEARS

REPORTED AS A JUDGMENT

HUGE ATTORNEY FEES

BUY AGAIN IN 10 YEARS

LIENS EXTINGUISHED

SELLER STAYS SHORTER IN THE PROPERTY

BANKRUPTCY

COURT SETTLEMENT

HUGE ATTORNEY FEES

CHAPTER 13 REPAYMENT PLAN

REPORTED AS A JUDGMENT

CREDIT ADVERSELY AFFECTED FOR 8 YEARS

LENDER RESERVES THE RIGHT TO APPLY FOR THE LIFTING OF Automatic Stay.

Automatic Stay: This prevents the collection agencies and creditors from enforcing debtor to pay his/her debt(s) the moment bankruptcy is filed

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