Re: Should I start a foreclosure
Posted by OC Andy on October 25, 2007 at 00:02:54:
In Reply to: Re: Should I start a foreclosure
Posted by Gloria Reyes on October 24, 2007 at 19:27:20:
Gloria:
If you can sell the home as a "short sale" and avoid a foreclosure altogether, this may be a preferred course of action for you.
When a short sale is completed, any foregiveness of debt (the difference between what you owe and the final net sales price of the home) will be reported and you will be issued a 1099 as additional income.
Read the following thread from this board that was posted not too long ago. It is slightly off topic but it adresses your concerns:
http://www.all-foreclosure.com/forums/foreclosures/messages/4807.html
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