Home Underwater | Crownrisehomes | Home Value

Short Sale Vs Foreclosure

The right of home ownership is striped away.
Homeowners return to the rental market as a renter.
The bank may post a Notice of Public Sale on your front door.
Your credit takes a nose dive, and a foreclosure will remain on your credit report for 10 years.
Under Fannie Mae guidelines, without extenuating circumstances, you will not be eligible to buy another home for 7 years.

Retain some dignity in knowing that you sold your home.
You won't suffer the social stigma of the "F" word: foreclosure.
No mortgage payments to make, unless you choose to make them.
You can meet the new owners.
You will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years.