You may not be aware of what happens to your credit rating if you short sell your home, but then again, most people are in a similar situation. If you manage to get the lender to agree, and you manage to get the short sale done, then its impact on your credit rating will depend on whether you are able to pay the deficiency balance. Therefore, if you can get your lender to agree, then it is much better to do the short sale than to go through foreclosure.
When you are finding your dream home, you may end up knowing different terms and lingo that may even affect your choices. As you go along, you may find certain terms such as short pays, foreclosures, pre-foreclosures, and short sales.
A foreclosure can still be avoided by taking alternative measures. The key here is to offer several options to your lender or the bank to prevent a foreclosure on your home.
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