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surprise of a huge tax bill. (Check with your accountant for any tax law changes or updates).
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The most effective doable scenario for you to guard your credit would be to sell your property for what is owed, pay the bank back and walk away, however that is not these days's reality. Nowadays in several areas of the country over 50% of the homes have mortgages owing FAR more than the property is value seo. The banks leave you only unhealthy choices.
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two) They'll, however rarely and after a ton of grief, accept a "short sale", but that will not even be thought-about until you have missed several payments. Short sales can take months to urge through. Again, your credit is ruined.