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    Sergiog's Avatar
    Sergiog Posts: 8, Reputation: 1
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    #1

    Sep 25, 2007, 03:26 PM
    Foreclosure, Short Sale, or Bankruptcy
    I bought home about 2 years ago for 570k now price have dropped to 470K or less. I hove no more power to pay for this home. I stop my pyments. What is better for me Foreclosure, Short Sale, or Bankruptcy and how it will be effect for me? I will be need to pay difference ( about 60-70K) between sale price and my debit or no? It is not my fals about dropping price on real estate market.
    LdyOfWsdm7's Avatar
    LdyOfWsdm7 Posts: 1, Reputation: 1
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    #2

    Sep 25, 2007, 04:35 PM
    I am in the same position. I made some inquiries today re: which was best. I learned that with a short sale, or deed in leiu of foreclosure you will have to pay taxes on both of these. Either way you go, it's going to effect your credit score, so I have decided to walk, file bankruptcy, go to a warmer climate, get a nice tropical apartment and enjoy life.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Sep 25, 2007, 09:39 PM
    The short sale will be a sale, and does not effect your credit like the other two. But the lender will have to agree to a short sale, and I am not sure they will accept one that is 60,000 short.

    I have a friend who is trying to settle one that is 4000 short and they are not accepting his.
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