Stressed out asked:


I See going through all the questions and answers of short sales and see that everyone keeps saying that they will have to pay back (1099) the remainder of the balance, well my question is then what is the Mortgage Forgiveness Debt Relief Act of 2007?

Mortgage workouts, Now tax-free for many homeowners: Claim relief on newly-revised IRS forms??

Can anyone tell me what that is? isnt that where they will forgive that taxable income now?

at least that is what I am being told.

http://www.irs.gov/irs/article/0,,id=179073,00.html
See I asked this question cause I am one of these people facing this problem, me and my husband can no longer make our payments on our 2nd, this is the first month we could not pay and I would like to do a short sale and get out.
What a stressful time and I know I am not alone and this SUCKS

Bryan