Posted by DJ-nyc on March 15, 2007 at 14:40:51:
I would steer the HO towards short sale because a foreclosure on their credit is long lasting! At least with a short sale they can save their credit.
I would choose saving my credit over paying taxes any day.
DJ-nyc
Foreclosure vs Short Sale - Posted by John
Posted by John on March 09, 2007 at 17:26:15:
Hello, I wanted to see if anyone could tell me which is better for the owner of the home? A short sale or a foreclosure. I have spoken to a cpa and he said do not do the short sale because you get taxed on whatever they discount the property. He said to let the home go into foreclosure and 99.9% of the time they dont come after you for anything unless you recenlty refied and pulled cash out. Please let me know your input? Thanks.