Between a foreclosure, and short sale, which one would offer you more protection from the lenders?
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Fοr example, a foreclosure wουld rυіn уουr credit, уеt thе lenders саn’t come аftеr уου fοr уουr assets especially іf уου hаνе two loans.
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Oh yes they can. Unless you file for bankruptcy and even then they have changed the laws so that you are still liable for the debt, but it is in a payment plan.
Go with a short sale. You do not want your credit ruined for 7-10 years (10 years being the average) by a foreclosure. You wouldn’t qualify to finance anything: car, house, personal loan, etc. Also, more companies are keeping track of their employees’ credit and are looking at potential employees and their credit. The general thinking is that if you can’t control your finances how can you control yourself and your job?
From what I understand, a short sale is much better between the 2 options.
Check on this website for more help or info, or her books:
http://www.suzeorman.com
Suze Orman is a well known financial advisor. She has a show on CNBC and has written several books to help people with personal finances.
If your short sale is a “short sale without recourse”, and you get all the lenders to agree (your first mortgage, your second mortgage, and your HELOC), then that is by far the best option.
Different states have different foreclosure laws.
Most loans will not have recourse after foreclosure in Oregon.
With a short sale, some lenders will ask you to sign a personal note saying that you still owe them that amount of money. DON’T sign it, and only allow the closing if you are free from this transaction, if you are concerned about it.
Lenders used to send out 1099s, that made the amount of the short taxable income. The IRS will not tax most short sales in 2007 & 2008. This is for personal residences only.
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