Legal Question in Real Estate Law in Georgia
We have had several problems with our home and we are ready to either short sell, foreclosure, or try to sell the house that will probably sell under 50% the price we owe. The fair market value is about 50% of what we currently owe. What is the best option for us?
2 Answers from Attorneys
No one can tell you the best option (of the ones you listed) based on no facts. No one here knows your financial situation, whether the bank would agree to any short sale, etc. However, the best option is usually one you did not mention -- honor the agreement you made to pay back the loan.
No one can answer you without a great deal more information than you posted.
One of your options is not an option - you can't sell a house for less than you owe.
Foreclosure can be catastrophic. The lender could sue you for the remaining balance.
Short sales can have catastrophic income tax consequences, and banks usually refuse to okay them.
Oftimes, the best option is the one you failed to mention - discharge the home in bankruptcy.
Regardless, step one is to sit down with a lawyer and determine your options. If you're in metro Atlanta, call me for an appointment at 404.768.3509
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