Short Sale vs. Foreclosure: Which is the Better Option?
Losing your home to foreclosure due to an inability to keep up with your monthly mortgage payments is one of lifes most unpleasant experiences. It is also an event that keeps on affecting you long after your home is history by devastating your credit score. Regrettably, most people cannot be 100% sure that they will remain safe from foreclosure because they cant foresee the unexpected. Occurrences such as serious illness, a major accident, divorce or job loss can happen to anyone. So its a good idea to understand the available alternatives should the worst occur. Furthermore, in the State of Florida, your lender has up to 5 years to come after you for the deficiency resulting from the foreclosure; meaning they will get a judgment against you for the arrears plus the cost for the foreclosure action.
