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FORECLOSURE DEFICIENCY JUDGMENT or SHORT SALE PROMISSORY NOTE or BANKRUPTCY? - REVISITED
Whether to agree to a negotiated promissory note in a short sale or allow the house to go to foreclosure is one of the most discussed topics around.  It deserves a simple comparison.
[February 3, 2010 update - see today's article on this subject at CNN MONEY.]
My previous article on this subject can be found at Negotiated Payback or Foreclosure Judgment Deficiency? Compared.
A negotiated promissory note is ALWAYS better than a deficiency judgment resulting from a foreclosure.  Here is why:
Deficiency Judgment -
1.  You have a foreclosure judgment against you and if you fill out most applications about your background you will have a question on if you had a property foreclosed upon you.
2.  You have a deficiency judgment which is a money judgment against you which means ANYTHING you buy is subject to attachment by the creditor, be it a car, a toaster, or a new swing-set for your kids.
3.  Your wages can be garnished.
4.  Your bank accounts can be frozen and attached - without any notice in advance to you.
5.  You will be subject to periodic depositions in aid of execution and have to provide copies of all of your financial matters ... more

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