01-29-2011, 02:58 PM
Bear in mind that with a judicial or non-judicial foreclosure your credit is dinged hugely, whereas in a short sale, it's dinged a bit. If you can keep your credit clean after a short sale, you'll be eligible to purchase another home with a mortgage in two years. With a foreclosure, it will be many, many years before you can.
Keep in mind too that if you are considering filing bankruptcy prior to your residence being short saled, please talk to a bankruptcy attorney first. Here in Florida, if you file bankruptcy first, an attorney for the lender will ask the bankruptcy court to set aside the home and then foreclose leaving you with a deficiency judgment. If you short sale first here in Florida, you can then take any deficiency judgment with you into bankruptcy, and most times, leave with a cleaner slate.
Pua`a
S. FL
Big Islander to be.
Keep in mind too that if you are considering filing bankruptcy prior to your residence being short saled, please talk to a bankruptcy attorney first. Here in Florida, if you file bankruptcy first, an attorney for the lender will ask the bankruptcy court to set aside the home and then foreclose leaving you with a deficiency judgment. If you short sale first here in Florida, you can then take any deficiency judgment with you into bankruptcy, and most times, leave with a cleaner slate.
Pua`a
S. FL
Big Islander to be.
Pua`a
S. FL
Big Islander to be.
S. FL
Big Islander to be.