Posted on: 15th Sep, 2008 11:18 am
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...
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
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
A short sale light years better than a foreclosure.
