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short sell vs. forecloseure

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cisca Guest 0.10 Dollars($)	Posted: Mon Sep 15, 2008 11:18 am    Post subject: short sell vs. forecloseure I have a home in washington state.. like so many I am in the process of losing my home..is it better to do a short sell or should I let it go into forecloseure..I do have a second on the home and I have lived in it for the last two years. thanks...
sara Joined: 05 Jul 2006 Posts: 1206 Location: New Brunswick, New Jersey 223.95 Dollars($)	Posted: 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
chrisburns Community Experts Joined: 13 Nov 2007 Posts: 183 Location: Florida 38.75 Dollars($)	Posted: Tue Sep 16, 2008 5:39 pm    Post subject: A short sale light years better than a foreclosure. _________________ Chris Burns Five Stars Mortgage, LLC Office: 800-871-2636 ext. 200 Cell: 407-456-3697 Residential & Commercial Loans Mortgage Blog Financial News & Info

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