Pursue a short sale after losing first prop to foreclosure?

Posted by K on July 13, 2008 at 18:00:58:

(CALIFORNIA)

I foreclosed on an investment property in June. I recently got my NOD for my residence. BUT I have friends that would like to make an short sale offer on my residence.

Questions:

1. Regarding my credit record: Is having a foreclosure + a short sale better than a foreclosure + a foreclosure? Or is it the same?

2. Is pursuing a short sale a waste of time because none are going through?

3. Tax ramifications of a short sale are worse than a foreclosure, right?

Simply foreclosing on my residence certainly seems less complicated and the best way to make a clean break. But if pursuing a short sale will let me possibly get a credit card/home loan sooner, then I'd like to pursue it. Only problem is the recent inv. prop. foreclosure, which is already on my record...see what I mean? I think I'm already screwed--how would a second foreclosure make it any worse?

Thanks in advance...

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