Re: Short Sale or Foreclosure?
Posted by BooKooGuru on July 05, 2008 at 09:42:16:
In Reply to: Short Sale or Foreclosure?
Posted by Miserable About Michigan on June 25, 2008 at 18:07:10:
Hey, Miserable. In my opinion, if you can sell your house for less than what you owe and WaMu has agreed to perhaps do a short sale, that is the best thing for you. (Avoid the foreclosure!) It is a pretty difficult task to get the short sale approved, but your realtor should be able to help you with that. In most cases, you may need to let one of your payments go, because they don't consider you needing a short sale unless you are in default! Also, there are always tax implications in a short sale situation. I am not a tax expert, but I believe you will be sent a 1099 from WaMu for the amount that they short the amount due. (They consider it as income!) Ask your tax advisor. :)
www.123ForeclosureHelp.com
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