How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2891
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

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: 8 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 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.
Terry L. and other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions