Is it guaranteed that the the lender would write-off the debt on a mortgage loan when doing a short sale?
Felix Nothing is guaranteed in a short sale until negotiated and agreed in writing. It is important to have any agreements with a lender in a short sale reviewed by an attorney so you understand all the immediate and long term implications. You should also review any tax liability issues with a CPA / tax professional since there could be some. Specifically, if and how the “The Mortgage Forgiveness Debt Relief Act of 2007” applies to you.
