There is a lot of confusion out there regarding Short Sales and Foreclousre. Coldwell Banker Woodland Schmidt has a wonderful little book explaining the difference between a Short Sale and Foreclousre. If you would like one you can email me at firstname.lastname@example.org or call me at 231-981-3535 I will get one to you.
If you are thinking about doing a short sale you might want to consider this. Will you be wanting to buy a home again in the next few years? Where will you live when you sell your home? Should you sell your home on a short sale, or should you just let your home go into foreclosure? On a short sale you still have control over your home. With Forelcosure you lose all rights to your home.
If you are looking to do a short sale and want to buy again soon you will be able to purchase a home much sooner than if you let the home go into forelcosure. It depends on the rest of your credit score and your personal debt. Doing a short sale however is a far better way to get out from under your mortgage versus doing a foreclosure. With a foreclosure your credit score will be poor for some time, and you may still have credit issues with the bank and their attorneys long after you move.
Finding a place to rent at an affordable price now is not too difficult, but rents will be rising in the future do to the amount of people losing their homes. Lock your rent up for at least two years and pay your rent on time. That will help boost your credit score back up there, and also keep your landlord happy!
Do you need help deciding on what to do? If so, I can help you. Just give me a call. 231-981-3535