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If you need a rental because you are walking away from your current home you may want to consider a short sale. A short sale offers many benefits over simply walking away and going thru a foreclosure. Remember, there is no cost to the home owner for a short sale, the lender pays all the commissions and closing costs. In a short sale, the lender will pay all your back property taxes so that you can experience real debt relief. You can also stay in your home during the short sale process which could give you another 3-4 months. Lastly, a short sale is viewed by landlords as a more dignified solution than a foreclosure, so it will be more likely that you will be able to find a decent rental at a fair price. Do you think you can benefit from a short sale?
More from Mike Pahua, Top Orange County Short Sale Realtor.