Another one of the great implications that Bush has signed into law involves short sales and how they will affect property owners come tax time. It looks like the amount of money lost in a short sale transaction will no longer be taxed as "phantom income" like before. This means that there is realy very few if any reasons not to attempt a short sale (if the bank will approve the sale). Before anyone goes through the foreclosure process, talk with the Ketterling Group about how this new law can help. We are the Short Sale proffesionals.