If a person was in default of his mortgage and could not catch up the payments ?

Would it be financially better to let the bank foreclose or try to sell it in a Short sale.What are the tax consequences.If a person was in default of his mortgage and could not catch up the payments ?
Have you tried to modify your loan? If you had a hardship but are now back on track, you should qualify. Foreclosure and shortsale both show up on your credit. Shortsale you need to claim the negative amount as capitol gain. If you need assistance with either I can put you in contact with someone.





Beatriss


909-633-1523If a person was in default of his mortgage and could not catch up the payments ?
Try to work out a restructured loan first.


If they will not work with you,try to sell the house for enough you pay your past due amount plus some pocket money.


Let them take over the payments to finish paying of the mortgage.


File bankruptcy and the court will sell the house and apply that money against your debts.