Should I sell my house or wait? You can read reason 1 here... 
Now on to REASON 2
If you are facing foreclosure. The bank has filed a Notice of Default, it is a very good time to sell. A short sale may protect you in a lot of ways.
You have some control on the loss. A 1099 will be issued, the amount of the 1099 can be significantly more if your property is sold at Auction than if you sell it via a short sale.
Inventory is very low, so securing an acceptable offer could happen very quickly.
Did you know that by proceeding with a short sale, you may give yourself several more months to live in the property? Most lenders are postponing foreclosure proceedings when there is a short sale in process. Check with your REALTOR.
Don't let a foreclosure be a regret you have in 1, 2, 3, 4 years.... Sell NOW
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