There is a process that has to be done and it has to be done within a certain time frame as well. So instead of asking an agent who isnt an attorney you need to talk to an attorney who specializes in tax or a cpa who know this typ of transaction.
These issues are why I suggest realtors need to settle 2nd loans as well as make sure the lien is settled. You can just say, "oh Well, the home is under water your out of luck".
Basically if the home short sales and you still owe $200,000k however you get to bring in the fair market value. the lender doesnt get a wind fall. You do need an attorney /paralegal to guide you.
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The short answer is yes, and on anything else you own.
Consult with an attorney and/or CPA immediately. Time is not your friend