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8 Benefits Short Sale vs Foreclosure
Austin Texas – A homeowner thinking of a short sale recently asked me why they should short sale versus just walking away and letting their lender foreclose on the home. I gave them the short answer: “It’s much better for your credit.”But, I knew there are many more benefits to a homeowner than simply better credit. So I put together the main benefits and here they are. 1. The upside down house debt is erased and not taxable in most cases.  If you are selling because of a financial hardship and you owner-occupy the home, then the upside down house debt will be automatically erased in most cases. If your loan is owned or insured by the following agencies: Fannie Mae, Freddie Mac, FHA, USDA, and/or VA; their policies specifically state that your short sale debt will be erased completely. And per IRS publication 544, if you are "insolvent" (liabilities exceed assets) when the debt is forgiven, the forgiven debt will most likely not be considered taxable by the IRS. 2. You are eligible to buy another home much sooner compared to a foreclosure. The most common loan programs, Fannie Mae and FHA, stipulate that you can buy another home under ... more

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