Should I do a short sale or a loan modification?
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Short Sale
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Loan Mod
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- Avoid foreclosure and avoid massive credit damage
- No cost involved in completing a short sale
- May receive full release of liability from the debt
- May be able to purchase a home much faster than after a foreclosure
- Avoid the humiliation of a foreclosure - a short sale looks like a traditional real estate sale
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- Very difficult to qualify
- Negative Equity - May still take quite a few years to break even to the purchase
price of your property
- Companies charge up-front fees to perform loan modification services on your behalf
- Very time consuming
- Still some damage to credit score
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What are other homeowners doing?
Many homeowners that are considering a short sale or a loan
modification have decided that instead of waiting for the market to come
back they are opting to sell their house now.
Realty Oasis
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