Those Pesky Short Sales

Got a client that is underwater on his condo.

I have been running as fast as I can away from short sales.

But in this case I can run but there is no where to hide.

I'm looking for some advice from all ActiveRain experienced Short Sales Realtors!

Have any of your client's been issued IRS Form 1099 for the shortfall?

How bad does a short sale trash a client's credit score?

I want to test my understanding here; the lenders cannot go after the seller's primary residence, IRA's, 401K's, Annuities, Cash Value Life Insurance Policies, etc.???

What has been your experience as to how long the process takes to get a lender to approve a short sale?

I am thanking you in advance for your experience and advice.