This is a link directly to the IRS site where you will find information regarding the tax guidelines/requirements in regards to short sales and foreclosures.

This is a link to a site that offers access to law terms and this link takes you directly to their definition of a "short sale".

This takes you to a site that tells a little about what will happen in a short sale real estate sales transaction.

This is information about the foreclosure process and purchasing foreclosed homes.

This is an article I came across that talks about purchasing a short sale home.

This link takes you to an article that answers many questions about loan modifications.

This is a link to a great attorney that I had the pleasure of attending a seminar, or two, that she spoke/instructed at. Her site, like her presentations, is very informative.

This is a link to a site that has information, documents, tutorials, etc. about the program by the government that promotes home loan modifications for current homeowners.

Yes, there is the possibility that a mortgage company could come back after the deficiency from a foreclosure or short sale. There are many factors that must be considered. Some states are a non-deficiency state (though restrictions apply), also what was stated in the short sale approval letter, investment or primary residence? Many many factors. Please consult an attorney before making a decision to short sale your home.

This is kind of a summary of what has been happening in the real estate market in short sales in the state of Arizona.