Hi Peg.

As part of the short sale, you will not receive any money, as stated below by other Realtors. The bank will eat the difference of what you owe on the mortgage and what you get for the sale of the property. They will pay the Brokerage fees and will even pay the movers. Bottom line on the HUD, you get nothing.

If the home is a primary residence, you will not have to pay taxes on the shortcomings up to $2 million. That federal law HR? I don't have the number in front of me at the moment. You can email me for it, if you wish and see for yourself. And, your credit is not nearly as affected as it would be if the bank repossesses on a foreclosure. You can qualify for FHA immediately after a short sale.

Consult with a local FL attorney who specializes in short sales to be sure, as this is what I was taught at a short sales seminar in NJ.

The whole point of a short sale is you owe more than the property is worth. The bank agrees to "short sale" the amount of the payoff so you may sell the property and be released from the mortgage. You as the seller are not allowed to receive any funds at closing since you asking the bank to accept less than what is owed to them.

You may want to check into q 10-31 exchange.

NOT sure if this is a primary res or investment, BUT I would HIGHLY recommend talking to a CPA or CFP before moving forward.

Hope this helps! Stay in touch and let us know how it tuns out for you.

depending what state you are in you may have to pay taxes on the forgiven debt. In NY State they look at the difference that is forgiven as income and give you a 1099. Bush has developed the "Debt Forgiveness" program looking to end that, you may want to google the program to get all of the specifics.

There is no difference to you the borrower. The lender makes up the loan balance and you can count on not having a FICO score with which to buy anything else using a mortgage.