<h2>WHY SHOULDN&rsquo;T I SHORT SALE MY PROPERTY? DISADVANTAGES</h2>
<h5><strong>Deficiency Judgements &ndash;</strong></h5>
<p><em>A lender could file for a deficiency judgment to demand you pay the difference between the short sale amount and the entire mortgage balance you owe on the property.</em></p>
<h5><strong>Taxable Income &ndash;</strong></h5>
<p><em>You could be taxed on the amount forgiven. The IRS views forgiven debt as taxable income. Only your primary residence is excluded from this tax . See the Mortgage Debt Relief Act of 2007.</em></p>
<h5><strong>Credit Score Damage &ndash;</strong></h5>
<p><em>Lenders will report short sales &ldquo;not paid as agreed&rdquo; to credit bureaus. This will lower your credit score considerably.</em></p>
<h5><strong>Slow Process &ndash;</strong></h5>
<p><em>Short sales requires the lenders approval and can take anywhere from a few weeks to months before even hearing back.</em></p>