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Short Sale vs. Bankruptcy

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ferrah16 Joined: 30 Oct 2010 Posts: 1 1.00 Dollars($)	Posted: Sat Oct 30, 2010 6:03 pm    Post subject: Short Sale vs. Bankruptcy Like 0 Dislike 0 hi, we bought our house 5 yrs ago for 415k and now it is only worth only 160k. we also own another property that is paid off. if we do a short sale, will they go after our property/assets? if short sale does not work, bankruptcy will be our last option but will they go after our assets? pls advise. thank you
adonis Joined: 22 Oct 2005 Posts: 10542 Location: ALASKA 1086.66 Dollars($)	Posted: Sun Oct 31, 2010 9:18 pm    Post subject: Like 0 Dislike 0 Welcome ferrah, After a short sale, you'll be liable for paying the balance amount resulting from the sale of the property. If you're unable to pay it off, then the lender can come after your other properties to recover it. _________________ Procrastination is the enemy of your financial success

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