1099 issued for Short Sale and Deed in Lieu?

Posted by Kish on April 25, 2008 at 18:33:12:

Hello,
I was talking to my lender about letting my property go if they wont accept for Short Sale or Deed in Lieu. He was saying that 1099 will issued for the difference amount in case of Deed in Lieu for the purchase price - their sale price. And in case of short sale, they wont consider purchase price and only consider the realistic market price - sale price. He was suggesting me that I am better off with Short Sale. Is that a true statement? This will help in negotiating with them on which patch I want to go.
Thanks,

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