Have you seen http://irstax.notlong.com. The Mortgage Forgiveness Debt Relief Act and Debt Cancellation from Dec. 2007, looks to be ending in 2012. This could be your one relief on that 1099 for selling your house for less than what you currently owe. This is a big thing to look into, it’s worth talking to your CPA about it. We’d be happy to tell you about a CPA, and also go over with you the importance of selling on a short sale before 2012. Besides taxes are deficiency judgments that lenders of 2nd mortgages are known to come after homeowners for years later. There is a lot we can offer you to help you get your promissory note and 2nd mortgage satisfied so that you don’t have to worry about that in the future with judgments and wage garnishment, etc.

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