How long will a foreclosure last on my credit?

Lenders usually look back 7.5 years when determining whether or not to loan. 
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Are there options other than foreclosure?

A Short Sale, Deed in Lieu of Foreclosure, and Loan Modification are examples of standard “work out” options, which describes options a borrower might pursue to avoid foreclosure. 
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What is a Short Sale?

A short sale is when a homeowner sells a property for an amount less than what is owed to the lender.
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Does a Short Sale affect my credit the same as a Foreclosure?

No. Current underwriting guidelines combined with our experience tell us that a homeowner who lets their home foreclose can expect a 200-300 point deduction on their credit score.
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What is the difference between a Short Sale and Foreclosure in terms of tax liability?

Homeowners are protected from tax liabilities from short sales or foreclosures through the Mortgage Forgiveness Debt Relief Act.
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What is a Deed in Lieu of Foreclosure?

A Deed in Lieu of Foreclosure (commonly referred to as simply a Deed in Lieu) is when the lender accepts a deed of the property from a borrower to satisfy a defaulted loan and thus avoids the delay and costs of the foreclosure process. 
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What is a Loan Modification?

A loan modification is a procedure in which a loan’s terms, such as the interest rate, monthly payment, or terms are altered with the approval of a lender.  
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