For short sales, loan modification or deed in lieu, do it now.

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President Bush was horrified.  The IRS had debt forgiveness as taxable income while people were losing their homes to short sales and foreclosures.  At his Administration’s urging, Congress quickly passed the The Mortgage Forgiveness Debt Relief Act.  Allow me to explain this. People were losing their jobs during the recession.  You can’t pay a mortgage without an income.  The solution is to sell and get out but home prices had crashed.  As a result,…