If you are a homeowner whose property is in default or on its way, then you may be considering a short sale. Here are a few questions you should ask a qualified attorney.

1. What outcome in comparison to a short sale would be better for my particular situation?

·        Is a repayment plan or a short sale better for me?

·        Is a forbearance plan or a short sale better for me?

·        Is a loan modification or a short sale better for me?

·        I have an FHA loan; is a partial claim or a short sale better for me?

·        Is an assumption agreement or a short sale better for me?

·        Is a deed-in-lieu of foreclosure or a short sale better for me?

·        Should I file bankruptcy or would a short sale be better for me?

2. What conditions would I have to meet for my property to be considered for a short sale?

3. How do I start the process of a short sale?

4.  In reference to my situation, would a short sale, bankruptcy, deed-in-lieu of foreclosure, or a foreclosure be more damaging to my credit rating?

5. How long does the short sale process usually take?

6. Are there any tax implications I should be aware of if I undergo the short sale process?

7. What about mortgage deficiency?

8. Can my lender still proceed with a foreclosure even if a short sale is agreed on?

9. Who pays the real estate commission on a short sale of my property?

10. Under what conditions would filing bankruptcy be better to a foreclosure or short sale?