here the article makes a distinction between a short sale and an upside down sale. This seems to expand on the concept of what upside down is technically, but it does agree with the lose definition I recently gave.
Of course the definitions do not really matter to the homeowner.
The important questions are - do they have to come up with cash to close, do they have to worry about being sued by the bank for a deficiency or do they have to worry about a higher tax bill from the IRS.
PoughkeepsieJournal.com - Avoid foreclosure's black eye by going with a 'short sale'
1 comment:
It is very important to understand that a Short Sale is always the better option if you are facing foreclosure. A Short Sale will not do as much damage to your credit as a foreclosure, which helps you recover by moving on with your financial future faster.
Decatur Foreclosure Attorney
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