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If you are thinking about a short sale you need to read this!

May 5, 2009
It’s been my understanding that the IRS has “waived” the “gain” of a short sale – it was just for a short time period, etc so read up on the details at irs.gov.

In all my short sales, I’ve only had one bank negotiate a deficiency judgment but read on:

A Short Sale May Not Mean You’re Home Free – WSJ.com

Financially troubled borrowers may think that foreclosure or a short sale of their home means their mortgage woes are over.

Not necessarily.

Some homeowners are finding that when they sell their homes for less than the outstanding mortgages — a so-called short sale — their mortgage companies are going after them for some or all of the difference. Mortgage companies are also sometimes taking legal action to recover unpaid amounts after a foreclosure is completed.

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