Short Sale -vs- Foreclosure...What’s Better for me?

Millions of Americans will be faced with the question: "Should I let my home go into Foreclosure, or do I Short Sale with the bank" The inevitable is coming, but which is the best way to go?

Should I let my property go into Foreclosure or do I Short Sale? "The bigger question should be which will have a bigger long term effect on my credit and lifestyle"...quotes Scott Partridge of Re/Max Elite. This one action can save you thousands of dollars in future payments on your car, credit cards, and future homes..!

Short Sale..Short Sales have a far less damaging affect on a seller’s credit report. Credit scores typically lose between 100 to 150 points and typically you can buy another home as early as 24 months with a good interest rate as long as your not late on any payments and all is current.

Foreclosure.. Without a doubt the seller’s will incur more damage on their credit report by going through a foreclosure. Typically your credit score will take a plunge between 200 to 300 points, also it will take up to 7 years before you can qualify for another loan. This also stays on public record forever and many employers will check your credit when hiring you for a job placement. If you are in a line of business that requires a high security rating, or in sales being a chasier or handling money you become a risk. Foreclosure basically states that you walked away from the loan and may end in a deficiency judgement.