---

foreclosure versus short sale

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
annmcarol Joined: 23 May 2010 Posts: 2 1.71 Dollars($)	Posted: Sun May 23, 2010 11:39 am    Post subject: foreclosure versus short sale Like 0 Dislike 0 We currently owe a house in Jacksonville, Florida. Our mortgage is 182,000 and the value according to Zillow is 146,000. We have submitted for modification programs however have been denied. There is a possibility that we will be moving to Tampa in 3-6 months for better employment opportunity. We are beginning our research in regards to stop making the payments, walking away from the house, foreclosures, and short sales. We do not plan to purchase another home for 5-7 years. Any advice on which way we should go will be most helpful. Thank you for your time.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun May 23, 2010 8:10 pm    Post subject: Like 0 Dislike 0 Hi annmcarol, As you are not planning to purchase a new property within the next 5-7 years, your best option would be to get rid of your present property with the help of a deed in lieu of foreclosure. If the lender accepts your request, you won't be liable for the deficient balance resulting due to the sale of the property. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0