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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
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Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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have non owner properties in arizona with 1st and 2nd mortgages,prefer

Resolved Question:

have non owner properties in arizona with 1st and 2nd mortgages,prefer to foreclose,instead of short sale what are the advantages or disadvantages
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
1. A bankruptcy would discharge the balance.
2. Foreclosure will show on your credit report, and the lender can come after you for a deficiency balance.
3. Short sale, will prevent a foreclosure, but you will be 1099'd for the amount the lender forgives in a short sale, so you will be taxed on that as income.
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