Foreclosure May Be Preferable Option To Short Sale For Some
- Liars have to come clean. If the seller took out a “liar loan” and indeed lied about his income, the deception will become clear in the voluminous documents required by the bank. Better to go into foreclosure than to face federal charges of bank fraud, [...].
- The kids’ college savings will have to go. Lenders are scrutinizing sellers’ assets and forcing them to empty out nest eggs and college funds. If the seller loses the home in foreclosure, those assets aren’t at risk.
For more, see Considering a short sale? Foreclosure might be a better choice, Realtor says.
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