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Debbie Greto
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Debbie Greto answered:
Debbie, if your home is sold in a short sale you may have tax consequences. The IRS considers forgiveness of a debt as income. You may have to pay taxes on the short sale difference (phantom income) there are outs if you can prove that at the time you were in bankruptcy or your liablilities exceeded you assests. Even if the lender releases the property they may not forgive the personal debt. As a Buyer you signed a Note and Mortgage. The Note remains unless you negotiate with the lender to forgive the loan and release the property.
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