Came to my door!

[Mark80]

In the my state if you do a short sale you have taxes due at the end of the year based on the short sale price and how much money you actually owed. AND Short sales can have a huge negative impact on your credit, almost as bad as an actual forclosure. Not only that but in most cases you must reaffirm the debt, and you will then lose protection from the courts. That can be a very bad thing in the event the sale does not go through. Just keep all that in mind when trying to decide on what to do!

I for one would suggest letting the home go during your bankruptcy, that way your completely protected.

[hopejones]

Wow, their approach was totally tactless. My kids don't know we're filing for Chap7...the hubby & I use the code words "BK" when referring to it. The last thing we need is them worrying about whether we'll have somewhere to live. The nerve of some people!

[paintinrosesred]

We use code words also!
Best choice for us is Foreclosure. Thank you all for your input.

[jeb]

In the my state if you do a short sale you have taxes due at the end of the year based on the short sale price and how much money you actually owed. AND Short sales can have a huge negative impact on your credit, almost as bad as an actual forclosure. Not only that but in most cases you must reaffirm the debt, and you will then lose protection from the courts. That can be a very bad thing in the event the sale does not go through. Just keep all that in mind when trying to decide on what to do!

I for one would suggest letting the home go during your bankruptcy, that way your completely protected.

Mark, if you will notice, I have repeatedly said, "IF done properly."

The things you mention above are what happens IF things are not done properly.

When you summit a contract to the lender, you cover all those points in the contract - NO 1088, NO reaffirming, etc.

As I mentioned, few know how to really do a short sale. If you are in a state, like FL, that require the seller to disclose all known defects in the property, the lender is pretty much a sitting duck in a short sale. - jb