Adenette,

That is a common question that I have came across as a short sale expert here in Arizona. There is the possibility of legal, credit and tax implications in all short sales that require sound expert advice specific to each topic. We work closely here with experts in each field to make sure that all questions are answered properly. If you are still in need of direction please do not hesitate to contact me direct. My team would happily provide you with the resources you need.

Hi Adnette,

Foreclosure might seem like a good strategy but what you want to look at is the three areas of vulnerbility.

Taxes Speak with your tax professional
Credit, a short sale is a little better for your credit rating than a foreclosure
Deficiency Judgement Will the lender go after you after the foreclosure.

The biggest issue is the deficiency judgment that you might get if you walk away. Whereas, a short sale with a realtor who can negotiate a settled as agree status with your lender on your behalf at the time of the short sale. The only other way to get out of a deficiency judgement is to file a bk..

As an investor, if you have good financing on the properties and they cash flow then the value will come back eventually. If you are running negative then this is something different. Here is a link to a FREE on-line video which will provide all the options available to you.

You can look over my blogs here on Trulia which I post often on this subject. Good luck

Http://www.foreclosureoptionsnetwork.com

Adenette,

I could contact my short sale expert to give you sound advice! I dont believe so however laws are passing all the time and I need to get some direct answers.

Feel free to email me and I can forward you the informtion!

Lucinda Tkach