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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (74573)3/23/2007 12:42:13 PM
From: jpk1Read Replies (2) of 306849
 
Actually it can end up in a nightmare situation for the borrower when they realize they owe income tax on any forgiveness of debt through a short sale. If the forgiveness of debt is minimal it probably is the best solution but when the amount is large you can put your self in a much worse situation. Nothing like the IRS telling you to come up with a quick $20000 or $30000 plus you would owe the state assuming they have income taxes. The only way to come out clean is to file a bankruptcy and let the bank foreclose.
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