Compare Foreclosure VS. Short Sale

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F O R E C L O S U R E	S H O R T   S A L E
A homeowner who loses a home to a foreclosure is ineligible for a loan for a period of 5 years.	A successful short sale will be eligible for a mortgage after only 18-24 months!!
Your credit score may be lowered anywhere from 150 to 300 points. This will affect your score for over 3 years!!!	Your mortgage will be reported as paid or negotiated, lowering your credit score as little as 50 to 100 points.
Foreclosure will remain on your credit history for 10 years or more!	A short sale is not reported on a credit history. There is no specific reporting item for "short sale." The loan is typically reported as "paid in full, settled."
Employers have the right, and are actively and regularly checking the credit of all employees who are in sensitive positions. A foreclosure, in many cases, is grounds for immediate resignation or termination.	A short sale has no challenge to employment since it is not reported on your credit history.
In almost all foreclosures the bank will come after 100% of the deficiency balance.	In many short sales the deficiency balance is completely forgiven.