From smartmoney.com
Dealing with the burden of owning a home that's underwater, or worth less than the underlying mortgage, can be financially devastating. Go into foreclosure and the blemish will stay on your credit report for the next seven years. Try to eke by and you put the rest of your finances in danger.
One solution some struggling homeowners turn to in hopes of limiting the financial damage is a short sale. Even though short sales are often frowned upon by lenders, the U.S. government is trying to make them more amenable to such transactions.
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