How many active foreclosures and short sales are listed in Glendale, Arizona? — Live Market Data (May 2026)
As of May 8, 2026, Glendale has 1,193 active for-sale listings. An estimated 17 are foreclosures and 0 are short sales. Median list price is $454,999 ($248 per square foot). Refreshed every Monday at 7am MST.
Call 623-282-0014The numbers right now
As of May 8, 2026, approximately 1 in every 70 active for-sale listings in Glendale is an estimated foreclosure (sample-extrapolated; see methodology).
Looking for the full Arizona picture? See the Arizona Statewide Foreclosure Stats rollup — same dataset structure, aggregated across 23 tracked Arizona cities.
As of May 8, 2026, Glendale has 1,193 active for-sale listings. An estimated 17 of those are foreclosures and 0 are short sales (sample-extrapolated from a 200-listing sample of Realtor.com inventory). Median list price is $454,999. Median price per square foot is $248. Median home size is approximately 1,838 square feet.
Glendale represents about 27% of Arizona's total active for-sale inventory and — the deepest pool of active buyers in the state, by a wide margin. For Glendale homeowners considering a sale, that depth means more buyer competition and more options for closing on the right terms.
If you are reading this because you are behind on your mortgage, Arizona is a non-judicial foreclosure state. Once a Notice of Trustee Sale is recorded, the sale cannot legally happen for at least 91 days, governed by A.R.S. § 33-808. Understanding your options early is the most important thing you can do.
This page is part of our larger guide on facing foreclosure in Arizona. If you are earlier in the process or want the full picture of every option, start there.
If you are reading this, you might be a homeowner in Glendale trying to figure out where the local market actually is right now.
You might be a journalist or researcher looking for current Arizona foreclosure data.
You might be a real estate agent trying to give your clients an honest read on what is happening across the city.
Whichever you are, this page gives you the actual numbers, refreshed every Monday from Realtor.com, with a calm interpretation of what they mean for Glendale homeowners.
We are Chad Denke and Brittney McGuire, Certified Short Sale Experts and licensed Arizona real estate agents. We pull this data weekly because the Glendale market moves faster than the monthly reports most aggregators publish. By the time those reports are written, the numbers have already shifted.
Glendale real estate market snapshot — May 2026
Glendale has 1,193 active for-sale listings as of May 8, 2026. This is the exact count of listings active on Realtor.com for the Glendale city limits, pulled by our automated weekly stats engine.
That number tells you the size of the available inventory. It does not yet tell you the composition. Within those 1,193 listings, our 200-listing sample shows approximately 1.0% are flagged as foreclosure-stage and a smaller portion are flagged as short sales. We extrapolate those percentages to estimate city-wide counts, which appear in the distress indicators table below.
Treat the headline 1,193 as a hard number. Treat the foreclosure or short-sale sub-counts as directional estimates. The total active count is exact; the composition estimates carry wide confidence intervals at this sample size.
| Metric | Glendale (May 8, 2026) | Source |
|---|---|---|
| Total active for-sale listings (exact) | 1,193 | Realtor.com via RapidAPI realty-in-us, weekly |
Swipe left to see more columns on mobile.
Glendale median list price and pricing trends
The median list price in Glendale is $454,999 as of May 8, 2026. The median home is approximately 1,838 square feet, which works out to a median price of $248 per square foot.
Glendale sits at the upper-middle range of Maricopa County price points — well below Scottsdale's premium tier and above Avondale or El Mirage on a per-square-foot basis. A homeowner pricing a Glendale home today should expect strong buyer interest at or near the median, especially in the $400,000 to $600,000 band where most of the city's inventory clusters.
If you are a Glendale homeowner considering a sale, the underlying market gives you leverage. Real buyer demand for properly priced and presented homes is consistent across the city, and even a short sale — which depends on lender approval and typically takes longer than a traditional sale — benefits from that demand once approval lands.
Note: We are temporarily excluding the median days-on-market metric from this snapshot. The Realtor.com API sample we pull weekly appears to over-weight newest listings, biasing the DOM downward to a value (1 day) that is not representative of the actual Glendale market. We will reintroduce this metric once our puller methodology is patched. Industry-published Phoenix metro DOM in mid-2026 is more typically in the 30 to 60 day range.
| Pricing metric | Glendale (May 8, 2026) |
|---|---|
| Median list price | $454,999 |
| Median square footage | 1,838 sqft |
| Median price per sqft | $248 |
| Min list price (sample, after outlier filter) | $15,000 |
| Max list price (sample) | $2,775,000 |
Estimated foreclosures and short sales in Glendale
Within the 200-listing sample we pull each week from Realtor.com, an average of 2 listings are flagged as foreclosure-stage and 0 are flagged as short sales. Extrapolated to the full 1,193 active listings, that gives a city-wide estimate of approximately 17 foreclosure listings and 0 short-sale listings.
These are sample-extrapolated estimates with wide confidence intervals at this sample size. The Realtor.com API does not natively filter by foreclosure status (the parameter is silently rejected), so we estimate from the 200-listing sample composition rather than from a direct count. Treat these numbers as directional, not as an authoritative city census.
The price-reduced count, where the seller has cut the asking price, shows approximately 621 listings city-wide. Price reductions are a leading indicator that pricing pressure is building somewhere in the market.
| Distress indicator | In sample of 200 | Estimated Glendale city-wide |
|---|---|---|
| Foreclosure listings | 2 | ~ 73 |
| Short-sale listings | 0 | ~ 0 |
| Price-reduced listings | 17 | ~ 621 |
Note: We exclude the "new listings in last 7 days" metric on this snapshot. The Realtor.com API returns the most recent 200 listings as the sample, which means selection bias makes a 7-day-new estimate unreliable. We will reintroduce that metric when our sample methodology supports it.
How Glendale compares to the Arizona statewide market
Glendale is the largest single contributor to Arizona's residential market by inventory and by estimated foreclosure activity. The table below compares Glendale to the statewide rollup of all 16 Arizona cities tracked by our weekly stats engine.
| Metric | Glendale | Arizona statewide (16 cities) | Glendale share |
|---|---|---|---|
| Total active for-sale | 1,193 | 26,872 | 27% |
| Estimated foreclosures | ~ 73 | ~ 151 | ~ 48% |
| Median list price | $454,999 | $490,110 | ~1% below state median |
| Median price per sqft | $248 | (varies by city) | — |
Swipe left to see more columns on mobile.
One thing stands out. Glendale has 27% of Arizona's total active inventory but represents close to half the state's estimated foreclosure listings. That concentration is consistent with Glendale being the largest population center in the state. For Glendale-area homeowners facing distress, this matters: the market for distressed inventory in Glendale is meaningfully larger than for any other AZ city, which means more buyer competition and more options for working out a sale.
Glendale foreclosure activity over time
Our weekly Arizona foreclosure series began on May 8, 2026. Multi-timeframe cells fill in honestly each week; we do not backfill from third-party monthly aggregators that measure a different denominator and cadence.
How this data is gathered
Our primary data source is Realtor.com via RapidAPI realty-in-us, pulled weekly every Monday at 7am MST by an automated stats engine we built specifically for Arizona market tracking. Each weekly pull retrieves up to 200 active for-sale listings per city and computes the median, sample composition, and distress-indicator estimates from that sample.
The total active for-sale count is the exact count returned by the Realtor.com API for the Glendale city limits. The pricing metrics (median list price, median square footage, median price per sqft) are computed from the 200-listing sample and reflect the median of that sample. The distress indicators (foreclosure, short-sale, price-reduced counts) are sample-extrapolated estimates with wide confidence intervals at this sample size. Median days on market is currently excluded — the Realtor.com API sample appears to over-weight newest listings, biasing DOM downward in our sample below what is observed in industry-published reports. We are patching the puller methodology to correct this and will reintroduce the metric once the new sample is verified representative.
For broader context, we cross-reference our data against publicly available benchmarks from Zillow Home Value Index, Redfin Data Center, and Realtor.com market trends where applicable. Our weekly cadence captures market shifts faster than the monthly reports those aggregators publish. Their monthly snapshots and our weekly snapshots together give the fullest picture of the Glendale market.
Realtor.com (our source): 1,193 active for-sale listings, May 8, 2026 (weekly)
Redfin: median sale price $460,000 (March 2026, monthly snapshot)
Zillow: average home value $410,169 (March 2026, monthly snapshot)
Different methodologies measure different things. We report active listings (live inventory). Redfin reports sale prices (closed deals). Zillow reports estimated home values across all properties (not just for-sale). Use all three for the full picture.
Supplementary metrics from other authoritative Glendale sources
Three additional metrics from monthly published benchmarks fill out the picture. We do not yet compute these natively in our weekly stats engine; we cite the most current published figures from Zillow, Redfin, and Realtor.com so you have the complete data set in one place.
| Supplementary metric | Glendale value (most recent published) | Source | Cadence |
|---|---|---|---|
| Year-over-year home value change | -2.7% (average home value $410,169, down from $421,500 a year earlier) | Zillow Home Value Index, March 2026 | Monthly |
| Sale-to-list price ratio | Approximately 98.7% (homes selling for an average of 1.3% below asking; about 64% of sales close under list) | Redfin Data Center, March 2026 | Monthly (rolling 4-week) |
| Months of supply | 1.65 months (down from 2.52 a year earlier) | Realtor.com Market Trends, March 2026 | Monthly |
Swipe left to see more columns on mobile.
Note: We are working to add native year-over-year change, sale-to-list ratio, and months-of-supply computation to our weekly stats engine in v2. Until then, these monthly benchmarks from authoritative public sources provide the cross-check our weekly data does not yet cover natively.
Download this dataset
Master Your Move publishes the Glendale foreclosure dataset in machine-readable form, refreshed every Monday at 7am MST. Cite the page URL plus the Last Verified date stamp shown above.
- JSON — Live machine-readable snapshot Refreshed weekly. Latest pull values.
- CSV — Tabular snapshot Refreshed weekly. Spreadsheet-ready.
- PDF — Citable one-page snapshot Refreshed weekly. Print-ready citation format.
Who this page is for
This page exists for three audiences:
Glendale homeowners researching their options. If you are behind on your mortgage, underwater, or considering a sale and want to know where the local market actually stands before making a decision, this page gives you the current numbers and the context to interpret them.
Journalists and researchers covering the Arizona real estate market. The methodology section above explains how the data is gathered. The multi-source comparison shows how our numbers relate to other public sources. Cite the page with the date stamp; we refresh weekly.
Real estate agents and Certified Short Sale Experts working with Glendale sellers. The Glendale vs statewide comparison and the distress indicators give you a fast read on how the city compares to the broader Arizona context.
What this data means for Glendale homeowners facing distress
If you are a Glendale homeowner who is behind on the mortgage or underwater, the data on this page tells you a few things at once.
The Glendale market has the deepest pool of buyers in Arizona
Glendale holds 27% of all active for-sale inventory in the state. That concentration also means Glendale has, by a wide margin, the largest pool of active buyers in Arizona. For a homeowner who needs to convert a property to cash — whether through a traditional sale, a short sale with lender approval, or a fast cash sale to stop a Trustee Sale clock — Glendale's market depth is a real advantage. Properties that are priced and presented correctly meet credible buyer demand.
You are not the only one in this position
An estimated 73 Glendale homes are currently in some form of foreclosure stage. There is a working process for getting through it, and there are professionals who do this work every week. The path forward is well-mapped if you act early.
The Arizona timeline gives you room to work
Once a Notice of Trustee Sale is recorded, the sale cannot legally happen for at least 91 days, per A.R.S. § 33-808. During that window, a short sale is still possible, a loan modification is still possible, a cash sale is still possible. You also have the right to reinstate the loan up to five business days before the sale per A.R.S. § 33-813.
If a short sale is approved, FHA-backed loans typically include up to $3,000 in relocation assistance through the Pre-Foreclosure Sale program. VA-backed loans typically include $1,500 through the Compromise Sale program. Conventional loans vary by servicer. Those funds are paid at closing from the sale proceeds, which means they come out of the lender's payoff, not out of your pocket.
The Arizona foreclosure timeline
Notice of Trustee Sale recorded
The lender records the Notice with the county. The 91-day clock starts. This is the legal floor; many lenders set the actual sale date 91 to 120+ days out.
Your active window
Short sale, loan modification, deed in lieu, cash sale, or refinance are all still on the table. The earlier you start, the more options remain. Lenders routinely postpone the trustee sale once a short sale file is in process.
Final reinstatement window
Per A.R.S. § 33-813 you can reinstate the loan up to 5 business days before the sale. Defenses must be filed before 5 p.m. one business day before the sale per A.R.S. § 33-811(C). After the trustee sale, options narrow significantly.
Common mistakes when reading foreclosure market data
A few patterns to watch out for when interpreting the numbers on this page or any other foreclosure data source:
- Sample-size confusion. Sub-counts like our foreclosure or short-sale estimates come from a 200-listing sample. The confidence interval is wide. Use them as directional signals, not as an authoritative city census.
- Foreclosure does not equal delinquency. A listing flagged as foreclosure-stage on Realtor.com is already in the formal process. Many more Glendale homeowners are behind on payments without showing up in this data because their lender has not yet recorded a Notice of Trustee Sale.
- Data lag. Our snapshot is weekly. Aggregator snapshots (Zillow, Redfin, Realtor.com) are monthly. The market can move meaningfully between snapshots.
- "For sale" is not "sold." Active for-sale listings tell you the supply side. They do not tell you what is closing or at what price. Closed sale data lives elsewhere.
- Foreclosure trends are not linear. A spike one week may be noise. A sustained trend over four to six weeks is signal. Watch the date stamps and compare across multiple weeks before concluding the market is shifting.
Documents to gather if you are facing foreclosure in Glendale
Whether you call your lender, a HUD-approved housing counselor, an attorney, a CPA, or a real estate agent, you will be asked for some combination of these documents. Gathering them now saves you from scrambling later.
- Recent mortgage statement showing the current balance and any delinquency
- The Notice of Default or Notice of Trustee Sale, if you received one
- Last two years of federal tax returns
- Last 60 days of pay stubs or proof of income
- Last 60 days of bank statements for all accounts
- A written hardship letter explaining what changed and when
- Any documentation of the hardship (medical bills, divorce decree, layoff notice, business closure)
- HOA statements if applicable
- Any second mortgage, HELOC, judgment lien, or PACE lien information
- Insurance and property tax records
The more organized you are, the faster the conversation moves. Lenders and HUD-approved counselors process homeowners who have their documents in order significantly faster than those who are still gathering them mid-process.
Who to call when (and when to call us)
Different professionals handle different parts of this process. Calling the wrong person first can waste days you do not have.
Your lender or servicer
Call them first. They are the only party who can offer a loan modification, forbearance, or formally accept a short sale or deed in lieu. Ask for the loss mitigation department by name. Get a single point of contact and write down their name, direct line, and reference number.
HUD-approved housing counselor
Free, confidential help with foreclosure prevention. They do not list or sell your home, but they can help you understand the loss mitigation process and prepare your file.
A real estate attorney
Call one if your situation involves multiple liens, judgment liens, an LLC-titled property, a non-owner-occupied investment, or unclear approval language on a short sale.
A CPA
Call before signing any short sale, deed in lieu, or post-foreclosure paperwork involving forgiven debt. Forgiven mortgage debt can have tax implications, and Arizona's anti-deficiency rules under A.R.S. § 33-814 and § 33-729 do not apply to every loan.
Master Your Move
Call us when you are evaluating whether to sell, do a short sale, or list before the trustee sale. We handle the listing, the buyer process, the lender negotiation in a short sale, and the timeline coordination. Not every agent handles short sales. Most do not. We do it every week in Glendale and across Maricopa County.
If anyone is pressuring you, slow down
If anyone, including us, pressures you to deed your home over without legal review, or asks you to pay an upfront fee to "stop the foreclosure," walk away. Those are the exact patterns the Arizona Department of Housing warns homeowners against.
We wrote a separate guide on how to spot foreclosure scams in Arizona that walks through the red flags we see most often in Glendale. If anything about a conversation feels off, read that guide before signing anything.
How Master Your Move helps Glendale homeowners
We handle every piece of the short sale process ourselves. We talk to the lender. We negotiate the payoff. We coordinate with the title company, the HOA, any second lien or HELOC, any PACE or solar lien, any judgment against the property. The seller does not chase paperwork. They do not sit on hold with loss mitigation departments. That is our job.
The lender pays our commission. You pay nothing. Commissions, title fees, and closing costs are paid out of the sale proceeds, which means they come out of the lender's payoff, not your wallet. Many sellers also receive relocation assistance at closing.
Our Glendale track record — the Value Driven Approach
Foreclosure and short-sale work is a focused part of our practice. We handle distressed transactions across Maricopa County and recently completed cases including a Queen Creek short sale (homeowner moved out of state after a relationship change — we negotiated the lender approval, coordinated repairs and presentation, brought the home under contract within a few weeks) and a Buckeye short sale in the Verrado area (homeowner lost her job and needed to exit before falling further behind — we documented the hardship, walked the file through loss-mitigation, and listed with proper presentation so the home attracted competitive offers rather than just bargain hunters).
Beyond distress work, we approach every Glendale sale the same way, with what we call the Value Driven Approach. Recent example from a non-distress sale:
Recent Glendale sale: Maria
Maria came to us with a deadline most homeowners would dread. She had accepted a career move that required relocating from Glendale to Flagstaff, and she needed to close on her Glendale home before the new role started. The window was tight. Selling fast and selling for the right number are usually two different goals — most agents pick one and accept the trade-off on the other.
We worked the strategy from both ends at once. The presentation needed to be tight enough that no buyer would have a reason to hesitate. We brought in professional interior photography, drone photography, and video that took prospective buyers through the entire home before they ever scheduled a showing. The pricing strategy ran in parallel — calibrated to the Glendale comp set, positioned to clear the market without underselling. The home sold in a few weeks. Maria closed in time to move north and start her new role on schedule.
We bring the same Value Driven Approach to every distress situation. Sometimes the right move is a fast cash sale to stop a Trustee Sale clock. Sometimes a short sale negotiation that saves the seller's credit. Sometimes a quick set of cosmetic updates that shifts the sale into a different price tier. Each case is different. The discipline is the same: figure out the actual right answer, then execute.
About Glendale
Glendale is one of the oldest established cities in the West Valley, with approximately 250,000 residents in northwestern Maricopa County. Glendale covers about 60 square miles and includes ZIP codes 85301 through 85310. The local economy is anchored by sports and entertainment (State Farm Stadium hosts the Arizona Cardinals, Super Bowls, and College Football Playoffs; Desert Diamond Arena hosts NHL and major concerts), healthcare, and aerospace at Luke Air Force Base to the immediate west. Major employers include Banner Thunderbird Medical Center, Luke Air Force Base personnel, and the City of Glendale. Glendale is served primarily by Glendale Union High School District and Peoria Unified School District. The Westgate Entertainment District is a major regional draw. Older established neighborhoods like the Catlin Court Historic District contrast with newer master-planned Arrowhead Ranch in the north. Median household income runs roughly $58,000.
Glendale neighborhoods we cover
Master Your Move serves homeowners across all of Glendale — Capistrano South, Arrowhead Ranch, and Westgate. The city's 1,193 active listings span every neighborhood, every price point, and every seller situation. Whether your situation is foreclosure, short sale, downsize, divorce, inheritance, or relocation, we work the entire Glendale market.
What makes Glendale different from other Arizona cities
Glendale's foreclosure indicator rate is one of the highest concentrations in the 16-city West Valley tracking, second only to Phoenix on a percentage basis. The longer-established west-side housing stock means more homes with deferred maintenance and more sellers in transition. The median time on market — longer than tighter West Valley markets — gives distressed Glendale sellers meaningful runway to plan a strategic sale rather than chase a fast cash offer at a discount.
We are Chad Denke and Brittney McGuire, Certified Short Sale Experts and licensed Arizona real estate agents with Master Your Move | Great Way Real Estate. We work the entire Maricopa County market, with deep concentration in Glendale and the West Valley.
Other Glendale-area stats pages
Other Maricopa County cities tracked weekly by our stats engine:
Mesa, Glendale, Chandler, Scottsdale, Peoria, Tempe, Gilbert, Surprise, Goodyear, Avondale, Buckeye, Queen Creek, Litchfield Park, Fountain Hills, El Mirage. Individual stats pages for each city ship by May 25, 2026.
All 23 Arizona cities → Arizona Statewide Foreclosure Stats rollup — same dataset, aggregated across every tracked Arizona city.
Related guides for Glendale homeowners
- Facing Foreclosure in Arizona: Your Options, Short Sales, and How to Protect What Comes Next (the master guide)
- How a Short Sale Works in Glendale, AZ: A Straightforward Guide for Homeowners
- Short Sale vs. Foreclosure in Arizona
- How to Spot Foreclosure Scams in Arizona
- Book a free 15-minute options call
Frequently asked questions
How accurate are these Glendale foreclosure numbers?
The total active for-sale count of 1,193 is exact. It is the count returned by the Realtor.com API for the Glendale city limits. The foreclosure and short-sale sub-counts are sample-extrapolated estimates from a 200-listing sample (about 2.7% of total inventory) and have wide confidence intervals at this sample size. Treat the headline number as exact and the distress indicators as directional. We refresh the entire dataset weekly through our automated stats engine, every Monday at 7am MST.
How often is this Glendale data refreshed?
Every Monday at 7am MST. The numbers on this page reflect the most recent weekly pull from Realtor.com via RapidAPI realty-in-us. The "Last updated" stamp at the top of the page shows the date of the current pull. We chose weekly cadence because the Glendale market moves faster than the monthly reports most aggregators publish. If you are reading this page on a Wednesday, the data is from the most recent Monday.
How long do I have once I receive a Notice of Trustee Sale in Glendale Arizona?
Per A.R.S. § 33-808, a trustee sale cannot legally happen for at least 91 days after the Notice of Trustee Sale is recorded. That is approximately three months. During that window, a short sale is still possible, a loan modification is still possible, and a cash sale is still possible. You also have the right to reinstate the loan up to five business days before the sale per A.R.S. § 33-813. Defenses must be filed before 5 p.m. one business day before the sale per A.R.S. § 33-811(C). Master Your Move handles short sales every week in Glendale and across Maricopa County.
Will I owe money to the bank after a Glendale short sale?
Not if the approval letter contains the right deficiency waiver language. Master Your Move reviews every approval letter for that language before any closing. Arizona's anti-deficiency law under A.R.S. § 33-814 provides additional protection in many cases for purchase-money loans on residential properties of 2.5 acres or less, but we never rely on the statute alone in a short sale. We always get the waiver in writing as part of the negotiated approval.
How much will it cost me to do a short sale in Glendale Arizona?
Nothing out of pocket in a standard Arizona short sale. Commissions, title fees, and other closing costs are paid out of the sale proceeds, which means they come out of the lender's payoff, not your wallet. Many sellers also receive relocation assistance at closing. FHA loans typically include up to $3,000 through the Pre-Foreclosure Sale program. VA loans include $1,500 through the Compromise Sale program. Conventional loans vary by servicer. Master Your Move handles all of this as part of the short sale negotiation.
Will a short sale ruin my credit just as bad as foreclosure?
No. Both will hurt your credit, but a short sale is typically less severe than a foreclosure. A foreclosure stays on your credit report for up to seven years and is also public record. A short sale also impacts credit but usually allows you to qualify for another mortgage much sooner. Many FHA and conventional buyers can qualify again in two to three years after a short sale, depending on credit recovery and the loan type. Glendale homeowners who want to buy again as soon as possible are usually better off with a short sale than a foreclosure.
Can I really do this without paying anything upfront?
Yes. The lender pays our commission as part of approving the short sale. You pay nothing out of pocket to Master Your Move at any point in the process. We will never ask you for an upfront fee. If anyone in this space asks you to pay before they have done any work, walk away. That is one of the patterns the Arizona Department of Housing warns homeowners against.
Is it too late if the trustee's sale is already scheduled in Glendale?
Usually no. We can request a postponement of the trustee's sale from the lender once a short sale is in process, and most lenders will grant it if the file is moving in good faith. Every day matters at this stage, so reach out as soon as possible. Master Your Move handles short sales every week in Glendale; if the file is workable, we will know within the first conversation.
Ready to talk about your Glendale property?
If you have read this far, you already know you need to do something. The hardest part is starting the conversation.
We have had hundreds of these conversations with Glendale homeowners. None of them turned out worse than silence would have.
Call or text us 623-282-0014Or schedule a confidential call at our booking page
No judgment. No pressure. Just options.
This Glendale market data is published weekly by Master Your Move | Great Way Real Estate, the Arizona short sale and foreclosure specialists serving Maricopa County. We refresh weekly because the market moves faster than monthly reports can capture.
Licensed Arizona Real Estate Agents
Master Your Move | Great Way Real Estate
Maricopa County, Arizona
Disclaimer: This page is for informational purposes only and does not constitute legal, tax, or financial advice. Short sales can have significant legal and tax consequences, including potential deficiency liability and taxable forgiven debt. Please consult a licensed real estate attorney and/or CPA regarding your specific situation before making any decisions.