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What Underwater Homeowners Need to Watch Out For

Credit Score

How will a short sale, foreclosure, loan modification, deed-in-lieu affect my credit? If you stop making your mortgage payments, or miss payments, or pursue a course of action where the bank ends up taking less on the house than what you owe (short sale, foreclosure, or deed-in-lieu of foreclosure), then it is almost certain that your credit score will fall. Learn more

Tax Liability

If I do a short sale or the bank forecloses, will I owe income tax on the �forgiven� debt? The answer to this question is maybe. In our Underwater Homeowners Assessment and Action Plan we have a very complicated decision matrix (a spider web looking thing) that our Authorized Providers use to determine whether you might have a tax liability. Learn more


If I do a short sale or the bank forecloses, can the bank still come after me for the difference between the sale price or fair market value and what I owe? The legal aspects of short sales and foreclosures can get very complicated very quickly. So we can�t go beyond giving you a very general lay of the land here. Learn more

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