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Short sale better than foreclosure? October 12

Filed under Mortgage by Uncle M | 0 comments

With the Option ARMs kicking in to their higher rates and/or due to job loss or health emergencies many are not able to make their mortgage payments. And to make matters worse with the house market going down many of them are upside down on their mortgage, meaning their mortgage value is more than that of the house value itself. So even if they were to sell their house, it won’t completely payoff the mortgage. With no options left many just let the bank foreclose on the home and ruin their credit for up to 10 years.
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