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 and your ability to borrow money going forward. You will 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 Imperial to facilitate your short sale you will be getting the expert consultation that you need to be successful.