2007-11-03 16:13:19 · 3 answers · asked by dijah c 2 in Business & Finance ➔ Renting & Real Estate
Depends on your situation. A foreclosure will cost you 250-350 points on your FICO while a shortsale will only hit you 100 or less. In most casses you will not be taxed by the government for this. Whoever works the short for you, make sure they ad that the bank will not pursue losses against you in the contract.
2007-11-03 16:43:27 · answer #1 · answered by outwest 2 · 0⤊ 0⤋
No, it's not a good idea. It should be a measure of last resort only. A short sale will negatively affect your credit, and you will probably incur a substantial income tax penalty, since the lender who agrees to take less than owed will also send a Form 1099 at year end, causing you to claim any shortfall as regular income on that tax year.
2007-11-03 16:20:19 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
It is better than filing for a foreclosure! There is a website with seasoned investors you can join and ask this question there in the forum for free....... OR you could try an auction!
2007-11-03 16:30:46 · answer #3 · answered by glitter4u2004 2 · 0⤊ 0⤋