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🏠 Struggling to Keep Up with Your Mortgage? Here’s What You Need to Know: Short Sale vs. Foreclosure

Life happens and sometimes, keeping up with mortgage payments becomes harder than expected. If you’re facing that challenge, you’re not alone. The key is understanding your options early so you can make the best possible decision for your future.
Life happens and sometimes, keeping up with mortgage payments becomes harder than expected. If you’re facing that challenge, you’re not alone. The key is understanding your options early so you can make the best possible decision for your future.

Let’s break down two of the most common (and difficult) paths homeowners may face: Short Sale vs. Foreclosure.


✅ Short Sale: More Control, Less Damage

A short sale happens when you sell your home for less than what you owe on your mortgage but with your lender’s approval.

You stay involved in the process, negotiate the sale, and have more control over the outcome. While your credit will take a hit, the impact is generally less severe than a foreclosure.


📊 Credit Impact:– Score may drop by about 100–150 points– You may be able to buy again sooner than after a foreclosure


💡 Why it can help:– You avoid the stigma and long-term damage of foreclosure– You may qualify for new mortgage options faster


❌ Foreclosure: Less Control, Greater Consequences

A foreclosure happens when the lender takes back your home because payments have not been made. This process is lender-driven, meaning you have less say in how it unfolds.

The credit impact is much more severe, and it can take years before you’re eligible to buy again.


📉 Credit Impact:– Score may drop by 150–300+ points– It takes longer to qualify for another mortgage

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💬 The Bottom Line

If you’re facing financial hardship, don’t wait exploring your options early can make all the difference. Whether it’s a short sale, modification, or another solution, our team will walk you through every step with understanding, guidance, and confidentiality.

Let’s protect your future and help you move forward with dignity.


📍 LJ Realty & LJ Mortgage Team

127-03 Rockaway Blvd, South Ozone Park, NY 11420

📱 (516) 218-1297


 
 
 

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