The impact a foreclosure can have on your credit is magnanimous. Foreclosures are no worse than bankruptcy as these affect your financial health leaving a lasting impact for several years. There are alternatives to foreclosure which need to be considered wisely without caving into the emotional stress coming at you from all directions. Here are five reasons why you should always look for alternatives to foreclosure whenever possible.
Always assess the situation to determine the best outcome based on your personal needs. Though short sale is not a perfect option, but it is better than being foreclosed upon.