A Short Sale or Foreclosure in SpringfieldPosted by Obsidian Home Solutions on February 12th, 2018 Should I do a short sale or foreclosure in Springfield? A mortgage short sale occurs when a financially distressed borrower arranges a sale for less than the outstanding mortgage balance. The lender accepts the proceeds of the house sale which is short of the full repayment of the mortgage. The borrower, then, receives a release from the mortgage obligation. The lender does this to avoid what would amount to larger losses if it were to foreclose on the mortgage. Is it better to do a short sale or foreclosure in Springfield? A short sale may be considered to be a derogatory mark on your credit even though credit bureaus do not use the word “short sale” on your credit report. Your credit report may read “paid in full for less than agreed” or “settled for less,” among other categories. Like it? Share it!More by this author |