Talk:Real estate short sales

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Tiredoftaxes (Talk | contribs)

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I have a client who has rental property that is valued less than the mortgage. He is behind on the payments for 2 months. He has been offered a short sale and is trying to decide whether to accept it or let it go into foreclosure. He would rather take a hit on his credit rating than have to pay taxes on any income. Does anybody have any experience in this area? From what I understand, the mortgage forgiveness debt relief act of 2007 does not apply because it is a rental property.

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