If my husband has lost his job and I can’t keep up with the mortgage, should I allow the house to go in foreclosure or should I do a short sale?

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If my husband has lost his job and I can’t keep up with the mortgage, should I allow the house to go in foreclosure or should I do a short sale?

We are considering divorce.

Asked on October 11, 2012 under Real Estate Law, South Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

From a practical matter a foreclosure of your home as opposed to a short sale will have a greater negative credit rating as to you and your spouse. As such, you should consult with a real estate attorney to see about first a loan modification with your lender and if that is not available, the possibility of a short sale.


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