Short Sale vs. Foreclosure in Long Island

Your home mortgage is a secured loan and your house acts as the collateral for the debt. If you cannot pay back the money you owe, the lender could foreclose on the house. The lender would take the home and sell it, using the proceeds from the sale to pay back what you owe. In Long Island, foreclosure can lower your credit score dramatically, making it difficult or impossible for you to get a loan until your credit recovers. When your home is foreclosed on and the sale does not...