In nearly every case I have seen, it was more beneficial to the homeowner to short sell their house, rather than let the bank foreclose on it. Credit is hit less hard, able to buy sooner, and future potential ramifications could be minimized or even eliminated. With having said that, I am neither a CPA nor an attorney, so I would definitely seek the advise of both those professionals to consult with you on your individual case. I can refer you to a great attorney for this that does free consultations. Should you have any short sale/foreclosure (or ANY real estate related) questions, please call me at 480-227-7450 or email me at adamdittler@hotmail.com and visit my website to search the MLS for free and learn more about me at [link=http://www.PhoenixValleyHomesForSale.com].

Adam Dittler
REALTOR
US Preferred Realty