short sale foreclosure
Difference between short sale and foreclosure on my house?
We owe more money than what our house is worth. My realitor is suggesting a short sale or a foreclosure, what is the difference? Which will hurt my credit less?
Your Realtor did not explain this to you? They both will hurt your credit, so that should not be a factor.
A short sale means the bank will allow you to sell the house at a loss and they may take the hit. If it forecloses they will evict you and take the house back to auction it off.
Either way is not good.
Good luck,
Talk to your agent, or better yet your attorney
Short Sale Your Utah Property to Stop Foreclosure