Foreclosure vs. Short Sale in Ohio!

If you are in a dilemma, unable to make payments on your home, and are unsure whether to foreclose your home or apply for a short sale, this post may assist you in your decision making process.
First and foremost, let’s define what each action is and does:
Foreclosure: Definition
This is a situation in which a homeowner is unable to make full payments on his/her mortgage. This allows the lender to seize the property and evict the residents. Borrowers who miss a payment are given a grace period to pay it back. If it is not paid by the end of the grace period, the lender can seize the home, ending your all contracts.http://www.realestateresource.tv