Short Sale in New York City: The Benefits of a Short Sale

One of the pressing questions for New York City homeowners who are faced with the possibility of default on their mortgage payments is how a Short Sale might benefit them? Is a Short Sale worth all the effort and time you need to put into it? And what, if any are the advantages of a Short Sale over a foreclosure?

Here are some answers:

1. A Short Sale helps avert the social and psychological stigma of a foreclosure. The word foreclosure itself leaves a bad taste in the mouth, not to mention a long-lasting blight on your credit score. A Short Sale allows you to retain the personal dignity of knowing you did whatever you could to recover the value of your home, honor the commitment to your creditor(s) and preserve your financial status. [Read more...]