Why a Short Sale is Better Than a Foreclosure in Riverside or the Inland Empire
By Luis Carrillo, Your Realtor for Life
( Realty Master & Associates)
FORECLOSURE VS. SHORT SALE Being behind on your mortgage payments and facing foreclosure are two of the most stressful financial difficulties you can face. After you've spent your life working to purchase a home but due to a variety of circumstances you suddenly find yourself under water. Phone calls from debt collectors and a bank threatening to foreclose could cause anyone to lose their mind. Let's take a look at what happens to you when your home is foreclosed on and what your other options may be. Foreclosure When your home is foreclosed on a few things happen. You lose your home, you have to become a renter and your credit plunges off of a cliff. The only benefit is you’re no longer responsible for the mortgage. Unfortunately, if you have dreams of owning your own home again, a ...
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