The Singhs must sell their house in a short sale and the bank has agreed to forgive the remaining amount owed.

Which of the following is true in this scenario?

a. The short sale does not affect the Singhs' credit scores.

b. The amount forgiven for the Singhs is considered as taxable income.

c. The lender or the bank is foreclosing on the Singhs' house.

d. The Singhs must sell their house for at least as much as the mortgage amount.