Short Sale can be described as a agreement between a Trustee and Trustor to agree to sell a property for less then what is owed on the property. Although there are potential personal deficiency liabilities and possible tax consequencys, So a professional or Lawyer should be contacted before making this decision. There has been many changes in the process of completing this process in the last year. To find out more on this you should go to Homeowners Bill of Rights which has recently passed by the California legislature and provides a quicker and streamlined process of application and approval. There is also a Dual-Tracking provision to prohibit a lender from pursuing foreclosure while you are in the process of a short sale. There is also a link that should be read before making changes and that link is The Federal Forgiven of Debt Act for 2013.
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