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bobburozski

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how much will a short sale hurt?
this is a bank negotiated short sale where the seller IS NOT behind on any payments but the bank agrees to forgive part of the debt?

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I recently went through this. It dropped my score by about 75 points over all, and really was a win-win situation. The bank writes off the debt, sends you a 1099 for the difference and when you file taxes there is a form that exempts this as income, so you don't even end up paying taxes (ask your accountant.) And to top it off, HUD gave us a check at closing (It was an FHA loan). Hope this helps!

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