Help!!!

[gnpiazza]

I have not paid my mortgage since 1/2009 due to a lay off. Been trying to work with US Bank on a Modification, they will not do it because of unemployement. I put it up for a short sale and had offer the same day. Now, I am nervous because of the tax liabilities in CA.

So my question is; What is better for me all around, short sale or forecloser?

PLease help, I have to have a response to the offer by tomorrow.

[faith]

Originally Posted by gnpiazza

I have not paid my mortgage since 1/2009 due to a lay off. Been trying to work with US Bank on a Modification, they will not do it because of unemployement. I put it up for a short sale and had offer the same day. Now, I am nervous because of the tax liabilities in CA.

So my question is; What is better for me all around, short sale or forecloser?

PLease help, I have to have a response to the offer by tomorrow.

Gnpiazza,
Hello and welcome to this forum,
Short Sale is better than foreclosure, it only affects your credit from 50 points to 200 points. Foreclosure will affect your credit score from 200 and above.

The links below will help you on what to do when doing Short Sale. I also included the links for IRS Debt Forgiveness. Please take time to read it and hope this helps.

http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/14521-those-worrying-about-who-will-rent-us-now.html

http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/15145-ga-upside-down-thinking-about-walking.html

http://www.loansafe.org/forum/short-sale-outpost/14207-national-city-short-sale-help.html

http://www.loansafe.org/forum/short-sale-outpost/

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Thanks and God bless.