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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Short Sale Posted by Greg on October 01, 2006 at 7:21 PM In Reply to: Oooops! Re: One final note posted by Madonna Maka on October 01, 2006 at 10:04 AM Heidi the "Short Sale Realtor" gives good advice. The only clarification I'd like to add is that she states that "you may still be on the hook for the deficiency and doing a Short Sale may make that deficiency larger". I think what she meant was that the shortfall of full payoff that the lender may be willing to accept could be considered "debt relief" and trigger the IRS income issue discussed earlier. If the lender agrees to a short sale they cannot pursue a deficiency judgment. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Heidi the "Short Sale Realtor" gives good advice. The only clarification I'd like to add is that she states that "you may still be on the hook for the deficiency and doing a Short Sale may make that deficiency larger". I think what she meant was that the shortfall of full payoff that the lender may be willing to accept could be considered "debt relief" and trigger the IRS income issue discussed earlier. If the lender agrees to a short sale they cannot pursue a deficiency judgment. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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