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rdarnell · Joined: 05 Nov 2009 Posts: 1 1.27 Dollars($)

I have an investment home in Florida. No help with a loan modification but am trying to decide the difference between short sale and deed in lieu of foreclosure.

sonjakracine · Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)

Both will affect your scores and limit the opportunity to purchase or refinance another home. You need to contact your lender regarding what may happen in either circumstance. Although some have walked away free from any debt, others get a nice 1099 at the end of the year on which they have to pay income tax on or the bank can get a judgment for any shortage. Both options need a lot of consideration and you wanting to so a short sale does not mean the bank will accept the offer.

Guest

Thanks. We have been trying for months to work with the bank but we get down right rude folks, never seem to get anywhere. We were trying to work with them, were behind 3 payments but making payments up, and one payment went in 2 days late (accidently). I am deployed and it is a lot for one person to take care of. I have claimed the Soldiers relief act, but they aren't cooperating. We got hit in the latest economic mess mostly because tenants lost jobs, several folks unable to pay, evictions, adding to that, people who had been perfectly great tenants causing damage during divorces etc. Yes, more than one! at any rate, this house also depreciated greatly (in Florida). They sent our last two payments back. No one wants to even talk to us about a resolution. (Washington Mutual) So, it will be foreclosure, short sale, or ?

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What are the tax ramifications and credit score hit on a short sale