So can a foreclosure not only affect your credit but also your job? Well I guess that would depend on your job.
Certainly potential employers look at a prospective employees credit before hiring them and and if the job entails having a security clearance there seems to be a strong possibility that a credit mark like a foreclosure may be enough to disqualify someone, based on what I was reading from the U.S. State Departments website under the
Adjudicative Guidelines for Determining Eligibility for Access to Classified Information page guideline F – financial considerations 19a states “inability or unwillingness to satisfy debts “ sounds like foreclosure to me.
So it seems credit is not the only reason to consider a Short Sale for a distressed homeowner. For more information on the current market value of your Arizona home as well as additional short sale information including the short sale advisory guide from the Arizona Department of Real Estate, you can find that here.
As always, no matter if you want to keep your home or not I cannot stress enough the importance of learning the possible tax ramifications, from possible capital gains (yes even if you see no money) to you under all scenarios from a tax professional as well as your legal rights and possible ramifications of any possible deficiency of the amount owned the lender by contacting a real estate attorney so that you can make informed decisions.
This information is for general informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.