http://www.moneytalksnews.com/2008/08/29/what-are-short-sales/ Money Talks with Stacy Johnson Sun, 14 Mar 2010 03:16:36 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.moneytalksnews.com/2008/08/29/what-are-short-sales/comment-page-1/#comment-421 Walt Tue, 02 Jun 2009 04:31:24 +0000 http://www.moneytalksnews.com/new/?p=25#comment-421 Short Sales can trigger a 1099 from your mortgage copany or bank (banks are required by Federal Law to send you a 1099) for the difference between what you get and what you owed. It can cost you major $$$ and guess what? The IRS will go after all you own whereas if you simply allow your property to go into foreclosure, you won't have the tax implication. Better think twice before going into a short sale. Short Sales can trigger a 1099 from your mortgage copany or bank (banks are required by Federal Law to send you a 1099) for the difference between what you get and what you owed. It can cost you major $$$ and guess what? The IRS will go after all you own whereas if you simply allow your property to go into foreclosure, you won’t have the tax implication. Better think twice before going into a short sale.

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