debt forgiveness tax bankruptcy

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What can we expect?

We have tried to list our house with an agent property. Our house is not worth what we owe. We contacted another broker who is our home on a short sale now at. If the short sale is accepted and the house is released, we owe the rest of the money? Be We owe taxes on the money? I've heard that Bush passed a law on mortgage debt forgiveness. Would this apply to us? I hope that my Man do not have to file for bankruptcy because we can not pay the rest off. Suggestions or advice would be great. And yes, we do from our house. We do not want to stay here. It is a very long, juicy story. Thank you!

It is generally required in a short sale of a house, the mortgage company to accept the short sale price and award the remaining balance was due to. You should really be something in writing from your mortgage company before you have a short sale, so you know that they accept it.

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