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cisca
Guest
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 Posted: Mon Sep 15, 2008 11:18 am Post subject: short sell vs. forecloseure |
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| 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... |
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 sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.07 Dollars($)
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| Posted: Tue Sep 16, 2008 4:58 am Post subject: RE: short sale vs foreclosure - tax issues |
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Hi cisca,
Welcome to the forums.
I guess it's better to try for a short sale first. That's because foreclosure would reduce your credit score by 250-300 points unlike a short sale after which your score would drop by 80 points or so.
How's the housing market in your area doing? I mean are homes selling easily? If yes, then possibly yours would sell quickly and you can thus a foreclosure. Just check out the tax consequences of going for short sale from the information on Mortgage Debt Relief Act.
Take Care |
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chrisburns
Community Experts
Joined: 13 Nov 2007
Posts: 372
Location: Florida
64.35 Dollars($)
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| Posted: Tue Sep 16, 2008 5:39 pm Post subject: |
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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
Florida Mortgage
Five Stars Mortgage On Facebook |
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