For you, the homeowner, advantages include avoidance of a foreclosure on your credit history. Having a foreclosure on your credit report is second only to bankruptcy and will substantially reduce your credit score. You may also have to wait several years to qualify for a mortgage again.
The impact of a short sale on your credit is much less severe than with a foreclosure. And, if buying a home is something you’d like to do in the future, if you successfully complete a short sale, in most cases, you may again qualify for a mortgage in as little as 18 months.
A short sale is typically faster and less expensive than a foreclosure and when you use the agents at iShortSale to facilitate your short sale, there is NO COST to you.