short sell vs. forecloseure

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cisca

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PostPosted: Mon Sep 15, 2008 11:18 am    Post subject: short sell vs. forecloseure

I have a home in washington state.. like so many I am in the process of losing my home..is it better to do a short sell or should I let it go into forecloseure..I do have a second on the home and I have lived in it for the last two years. thanks...
Icon Mini Profile sara
sara
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PostPosted: Tue Sep 16, 2008 4:58 am    Post subject: RE: short sale vs foreclosure - tax issues

Hi cisca,

Welcome to the forums.

I guess it's better to try for a short sale first. That's because foreclosure would reduce your credit score by 250-300 points unlike a short sale after which your score would drop by 80 points or so.

How's the housing market in your area doing? I mean are homes selling easily? If yes, then possibly yours would sell quickly and you can thus a foreclosure. Just check out the tax consequences of going for short sale from the information on Mortgage Debt Relief Act.

Take Care
Icon Mini Profile chrisburns
chrisburns
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PostPosted: Tue Sep 16, 2008 5:39 pm    Post subject:

A short sale light years better than a foreclosure.
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