Getting a Realtor involved early in the game is best! The banks are realizing that they are saving money in a short sale verses letting it go into foreclosure. They are putting processes in place for the short sale option. Call me and will we call your bank together to get the process started.
Kristine McCraren GRI, REO/Short Sale Specialist 520-977-0003
The bank will issue a 1099C for the difference of the amount owed and the selling price. Sellers will need to report this on their taxes, but will NOT have to pay income tax. Click on the link below for more details.
http://www.irs.gov/individuals/article/0,,id=179414,00.html Kristine McCraren GRI, REO/Short Sale Specialist 520-977-0003