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Avoid foreclosure short sale if you have 2 houses

By: David Silver

It's possible that you're now facing foreclosure because you can no longer pay for your mortgage. I want to help you with your problem by informing about the options you can take. With more information about short selling and the two kinds of foreclosures, you can make a better decision.

It's best that you consult a real estate lawyer or a tax accountant before making any life changing decisions. But in the meantime let me tell you what I know about foreclosure short sale. I'll explain the differences between short sale, non-judicial foreclosure and judicial foreclosure.

You can opt for a short sale when the value of your house or property is less than your outstanding obligations. For example if Mr. David has a $100,000 mortgage but his house can only sell for $50,000 in the current market, he's more than likely to be qualified for a short sale.

Be informed that short selling means you will sell your property at less than market value so the proceeds of the sale will all go to your lender to satisfy your debt.

The problem with short sales and non-judicial foreclosures is asset protection. If you try for a short sale or non-judicial foreclosure, your lender will most likely go after your remaining assets in order for you to pay for your debt.

So if you want to protect your remaining assets just go for a regular judicial foreclosure. All you have to do is remain in default and the court will handle all the legalities for the expedient public selling of your house.

Sure, judicial foreclosure is much more complicated and expensive than short selling and non-judicial foreclosure. But the benefit of this process is about protecting your remaining assets (like your second house) from your lenders. Once the bank sells your house, your lenders will not be able to go after you for their financial losses.

To know more about foreclosure short sale, credit protection, zero taxes and how to avoid personal liability, sign up for my newsletter right away. You will get my exclusive 25 page report and how-to video containing very comprehensive information about the ins and outs of short selling.

Article Source: http://www.gcyarticles.com

And get the facts on foreclosure short sale by watching this informative video on foreclosure short sale

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