This document summarizes a seminar about short sales presented by Miguel Garcia. A short sale is defined as when a lender agrees to discount their payoff amount to allow the sale of a property for less than what is owed. Short sales can benefit both lenders and borrowers. For a short sale to be successful, the borrower typically needs to show hardship and the property must be marketable. The document outlines the tax implications of short sales, including exclusions from tax liability under the Mortgage Forgiveness Debt Relief Act of 2007 and Section 1401 insolvency exception. The typical short sale process timeline and required submission package are also summarized.