1.1.

1 Long Realty and their Agents do not provide legal or

financial advice. This chart can be used to determine some of
the options that are available to you related to Short Sale or 1.1.3 Stay or
Foreclosures but you should seek professional financial and Go
legal advice before making a decision to move forward.

Do you want to keep your Are you able to make mortgage payments
home? and provide other basic needs like food,
No transportation, and healthcare?

No

Yes Yess

Is your home worth less than

you owe on your mortgage(s)?

No
Call your lender Yes
Have you applied for a Loan about qualification
Modification? for HAMP, HARP
or Short Sale Understanding that exiting the property
programs may have negative impact on credit rating
and both short term and long term
Yes consequences, is this an option you still
Yes
No want to consider? Please review Arizona
Association of Realtors Short Sale
Advisory.
www.aaronline.com/documents/ssseller_a
Did your lender provide a dvisory.pdf
modification that meets your
Stay In Home
payment needs?
The Mortgage Debt
Forgiveness Act expires in Yes
2012. If you want to exit the
property later this act may
No help with tax impact. See a real estate
Reevaluate decision in 2011. attorney and obtain a
written legal opinion
regarding your options
deficiency liability.

Short Sale Foreclosure

This may cause less What does your attorney May be better for you
credit impact but you recommend? due to deficiency
must insure you get protection and less filing
deficiency protection. time.