luxury home short

[Maryann L.]

Most of the houses we've done so far are under $400,000. I have a homeowner that just called that bought a home for 1.2 mil and owes $800,000 and some change.

Because she paid over 1.2, can we short this? I thought the new rules stated nothing over $800,000...or is it nothing over $800,000 where the deficiency is waived...anyone here do luxury homes?