Short Sale vs. Foreclosure in New York — Which Hurts Less?
When your Long Island home is worth less than your mortgage and you can no longer afford the payments, you'll quickly hear two terms thrown around: "short sale" and "foreclosure." They are not interchangeable, the credit and tax outcomes differ significantly, and on Long Island specifically, a third option — a direct cash sale at full payoff — is often available even when you think you're underwater. This article compares all three honestly.
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