Legal Question in Real Estate Law in Pennsylvania

Re: foreclosure

A short sale doesn't mean that you can just sell the house for cash. You must get the approval of the lender. If the lender approves the short sale, you will want a written commitment from the lender that (a) it will release the mortgage on the property upon payment of the approved amount, and (b) that it will release you from all obligations you have to the lender under the Note and the Mortgage.

There may be tax consequences for the latter.

You should be advised by a lawyer for this transaction.

This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.