If you are behind on your mortgage and worried about foreclosure, you have more options than you may think — but time matters. This guide explains the difference between a short sale and foreclosure, and what steps to take now.
Foreclosure vs. Short Sale: What’s the Difference?
- Foreclosure — The bank takes ownership of your home after you fail to make payments. You receive no proceeds, and the foreclosure stays on your credit for 7 years.
- Short Sale — You sell the home for less than you owe, with lender approval. You avoid foreclosure, protect your credit more than a foreclosure would, and in some cases you may receive relocation assistance.
New York Foreclosure Timeline
New York is a judicial foreclosure state — meaning the bank must sue you in court to foreclose. This process typically takes 12–24 months, giving homeowners significantly more time to act than in other states. But waiting does not make the problem go away. Contact Bethea Realty as soon as you fall behind so we can help you explore every option.
How Bethea Realty Helps
- Free, confidential consultation — no judgment, no pressure
- Full market analysis to determine if equity exists for a traditional sale
- Short sale negotiation with your lender on your behalf
- Connections to housing counselors and attorneys if needed
- Dignified exit from a difficult situation