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 11 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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