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Short Sale vs. Foreclosure: Which Is The Better Option?
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Definition: A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

Tax Relief for Struggling Homeowners: Overview of the Mortgage Forgiveness Debt Relief Act of 2007 and FAQs
... Information. Overview of the Mortgage Forgiveness Debt Relief Act of 2007 and ... Asked Questions Does the Mortgage Forgiveness Debt Relief Act of 2007 apply ... tax year only? The Mortgage Forgiveness Debt Relief Act of 2007 applies ...
http://www.irs.gov/pub/irs-pdf/p4705.pdf - 5633.3KB