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Foreclosure vs Short Sale
February 19, 2010
We have not paid in almost 3 months on our first and second mortgages. We're looking into doing a short sale of our home. Need advice on tax and financial liability implications on this action. Also would like to know which action foreclosure vs short sale is right for our situation.
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Comments
You should always consult an attorney or cpa for legal or tax advice. But, in general if you're in California and are wondering about the lender(s) coming back for any deficiency judgements or the difference of what is owed after a short sale, you may be in luck if the loan is the same you got when you bought your home or what they call purchase money. California has an anti-deficiency rule for that. I would need to know more about your situation
I would try litigation, the success rate is much higher than the loan modification success rate which ranges from 4%-16% deoending on who you lender is.