When your house is in trouble you need to do everything you can to make sure that you don't go into foreclosure. Yes it's easy to just give up, but it looks terrible on your credit if you manage to lose your home in that way. Fortunately there are a few other options that you can take advantage of so that you don't end up in more debt. One thing that you can do is opt for a short refinance.
avoid foreclosure
In the short sale vs foreclosure comparison, it is important to look at how these two processes work. If you own a home, and stop making payments on it, the lender will begin the foreclosure process, in as little as six to eight weeks after your missed payment. If this occurs, you may need to fight the foreclosure using what is called a short sale. If your only options are a short sale or foreclosure, a short sale is often the better route to take since it offers some protection to your credit. But, what is this?
Short Sale vs Foreclosure
Many people in the current financial crisis are having difficulties in paying their mortgages. A large number of these simply don't know what they can do to avoid a situation where they may actually lose their home. In this article we offer some tips on how to avoid foreclosure which may mean that you save your home from being repossessed.