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Short Sale Taxes

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  • Short Sale Taxes

    IS it true that if you sell your home in either a short sale or deed in lieu of forclosure that you will be issued a 1099 (or something) and will have to pay taxes on any shortage?

    ALso - If someone has a rental property as well as a main home, and they have thier rental property forclosed on, the bank will come and place a lien on your main home? If this is truly the case, does this actually happen?

    Thanks for any and all help!
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