Many homeowners dwell over which approach is best when faced with having to sell their property. Several options are available; however, many take one or the other of the two most popular approaches … either walking away forcing a “foreclosure” or agreeing with the lender for an approved “short sale”. Both options involve short as well as long-term consequences to the property owner. Here are the consequences that the property owner is faced with … Foreclosure vs Short Sale Consequences.
Check this site out for information relative to IRS Debt Forgiveness as it relates to Foreclosures and/or Short Sales.
Before making a decision between a “foreclosure” or “short sale” one should not only consult with their attorney; but, also a certified public accountant familiar with IRS restrictions as they relate to both options.
Naturally, the best option is to hold on to your property if at all possible, and sell when it’s most advantageous to do so.
