Short Sale Part 2

add that every situation is different and some people may not be able to take advantage of a tax free sale in a small sale or foreclosure. You have to take into consideration whether the existing loan is a recourse loan (loan that has been refinanced) or a non-recourse loan (loan that is the original buy deed) as there are also different consequences for each. As always, consult with a qualified CPA prior to building your choice on whether a small sale or foreclosure is your best option …