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If you really have to decide right away, please see a real estate lawyer or a tax accountant before taking any steps. But before consulting an expert, give me a chance to tell you what I know about foreclosure short sale. You and your lender can agree to a short sale when the value of your house or property is less than your debt. For example if Luke has a $200,000 mortgage but his house is only worth $100,000 based on current market value, then he's qualified for a short sale. Short selling will not earn you any money or equity. In fact all the proceeds of the sale will be used to pay for your debt. Aside from short sales you can also opt to a foreclosure. As I said earlier there are two kinds of foreclosures, judicial and non-judicial foreclosure. Let's discuss non-judicial foreclosure first. With non-judicial foreclosure your lender (most likely your lender's agents) will act as a trustee and sell your house in a privately run auction. In essence you'll be selling a deed of trust so this process will not involve the court in any way. With non-judicial foreclosure your lender or your lenders agent will act as a trustee and sell your house in a privately run auction. This process will not have the court involved in any way. The problem with non-judicial foreclosure is the fact that you will not be exempt from any liability from financial responsibilities more important than your mortgage. This is where a regular judicial foreclosure comes in. When you're in default, just let your property go and the court will handle all the legal and financial proceedings in relation to your property. The big down side of a Judicial foreclosure is that it can take longer than a short sale or a non-judicial foreclosure. It's also a very complex and expensive proceeding than any of the two. But if you have a second house or any remaining asset, you can protect it from your lenders only by going through judicial foreclosure. I have tons more of information about foreclosure short sale. Just sign up for my newsletter and you'll get to download my exclusive 25 page report with the inside scoop about short selling. You can also get my in-depth how-to video about short selling and how you can protect your credit. Article Source: http://www.articlewheel.com
And get info on foreclosure short sale by watching this valuable 15 minute on short sale
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