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Why is a Short Sale Better than Foreclosure
December 31st, 2009 by admin
As what others may not be aware of, lenders most of the time would rather want to avoid a foreclosure as much as the debtor does. You might ask why. Well, the truth is that a forceclosure is both bad news to the debtor and creditor.A Las Vegas foreclosure for example has a lot of costs associated with it. After a foreclosure happens, the lender still needs to pay for renovation, cleaning, advertisement, paper and legal costs. In addition, the lender is still left of the problem of finding a qualified buyer for the mortgaged property.This is why a short sale is better. Through a short sale, the debtor wins because his or her debt is eliminated and the creditor also wins because he is spared from the high costs associated with foreclosure.