Comments on: Short Sale vs. Foreclosure: Which is the Better Option?

By: Paul Sanchez

Paul Sanchez — Fri, 05 Mar 2010 17:15:07 +0000

Descent article, howeevr not fully researched and valid. i am referring to your statement about banks coming after owners of the homes for deficiency judgments if the home forecloses. While this is true in some states; it is not true in others. For example, California is a non-recourse state and if the homeowner has not refinanced his residence then he is safe from these judgments. Therefore your information is somehwta inaccurate. I believe the important thing to be researched by each indivudal owner would be the income tax consequnces of either a short sale or foreclosre. Federal debt is pretty much excused with the mortgage debt relief act. However this does not protect you from reporting loss to lenders as income on your state taxes. Review your state tax laws or consult an attorney. It will give you the best information out there. What people want is accurracy and I think you have only provided partial nformation debt kid. Please due more due dilligence to inform your readers.

Good lick and have a nice day.

By: Short Sale vs. Foreclosure: Weighing the Options | Personal Finance Analyst

Short Sale vs. Foreclosure: Weighing the Options | Personal Finance Analyst — Tue, 09 Feb 2010 07:54:59 +0000

[...] option of last resort. Everything, including a short sale, is preferable to a foreclosure. As DebtKid.com explains: The inevitable result of a foreclosure is the lender taking your house. Not only will you [...]

By: 401k Hardship Withdrawal Rules | Finance Blog

401k Hardship Withdrawal Rules | Finance Blog — Thu, 07 Jan 2010 12:41:12 +0000

[...] to pay your mortgage in an attempt to avoid foreclosure (you might consider a short sale [...]

By: Laguna Niguel Short Sale Agent

Laguna Niguel Short Sale Agent — Sun, 13 Dec 2009 03:07:12 +0000

I see every day people fighting with their lenders trying to get a loan modification accepted. Once in a while some may get lucky but most of the time the lenders just lead them on taking as much of their money as possible promising they will work with them.

Hint: If you see the word “Balloon Payment” “Guarantee” or “Up front fee”, Be extra cautious and don’t drop your gaurd. I have no respect for these lenders that will offer this and in the end foreclose anyway. Please don’t trust the lenders or Lawyers unless you have a guarantee in writing and/or you fully understand what you are getting into.

Fact: Licensed Realtors can loos their license if they misrepresent you so they have your best interests and they don’t cost you a dime. Lawyers will charge up front fees and they will not guarantee you nothing. If they do, Beware because there is no guarantees in a distressed situation and there are sharks everywhere. Great post and 100% true. .)

By: rebecca

rebecca — Sun, 06 Dec 2009 01:47:28 +0000

I just got married in July and my now husband’s house that we live in is up for forclosure as of just days ago. He got really sick a month before the wedding, which put him out of work and medical bills mounted!
The mortgage company was told about the life-threatening illness, but wanted to double our regular payment as the only alternative it offered after we fell 3 or 4 months behind. Ummm, if we were struggling to pay the regular payment, obviously doubling the payment was not a managable solution for us.
The mortgage company doesn’t have knowledge we are married. I wanted to know if “he” put it up for short sale could I buy it in my name only? His credit is already damaged and mine isn’t exactly great, but I think I could get a loan as a first-time homeowner. Would this be possible?

By: Katherine Cameron

Katherine Cameron — Tue, 17 Nov 2009 18:35:10 +0000

Hi I live in Palm Beach county and my husband and I need some expert help
re short sales . Do you have an office in palm beach county?

By: Allan Kleer

Allan Kleer — Thu, 05 Nov 2009 19:15:22 +0000

Great Article. I have recently discussed this topic on my blog. And you are right, Short Sale is always a better option than foreclosure. Foreclosure not only affects your credit but may also play a role in your future employment.

By: Short Sale Investor

Short Sale Investor — Tue, 03 Nov 2009 04:29:46 +0000

Nathan,
If you owe more than your house is worth, it’s generally the best choice to go with a short sale but every state’s laws are different. You may want to consider speaking with a lawyer or real estate agent to determine the best direction. The good news is that if you decide to short sale your house, typically the bank will pay all of the real estate agent commissions and fees. Your credit will be hurt but if you are able to make your payments on your other debts, you can probably get that credit score back in a few years.

By: Short Sale Investor

Short Sale Investor — Tue, 03 Nov 2009 04:27:19 +0000

Bren,
Depending on the type of mortgage that you have, you should be able to get the mortgage company to accept the short sale as payment in full. If you would like a professional evaluation, contact me directly and we can go over your specific situation. We’ve completed over 250 short sales this year.

By: nathan

nathan — Tue, 03 Nov 2009 03:13:03 +0000

Divorce unfortunately imminent… We need to sell our home, neither one of us can make the payments alone. The house is almost certainly worth less than what we owe; especially after fees etc… Suggestions, comments would be appreciated greatly.