Learn Profitable Short Sale Investing

Short sales are what home owners do when they need to sell their homes quickly to pay off loans and avoid foreclosures. They usually happen when the home owner finds out that the value of his home is actually lower than the amount of money he owes on his home loans. Selling your home via a short sale might be one of the best ways to help you solve your financial problems and avoid the stigma associated with foreclosure, but where do you go when you need short sale help

Short sale – defining primary residence?

I was wondering, what is considered primary residence. How long do you have to live in the property before you can make use of the new exemption tax law. Short sale specialists tell me just move in and chance your address, there is no time limit minimum. Others tell me two years. I have only owned the property for one year though. I bought the property and it dropped 50% in value! Do I have to pay that even if I file a form 982 for insolvency. I am not claiming bankruptcy though.