QUESTION
What happen with the deficiency judgment if I received 1099-C?
Asked on Feb 08th, 2013 on Foreclosures - California
More details to this question:
I'm being sued for deficiency judgment from my foreclosure house & then received 1099-A (box2-$210,000 box4 $85,000 box5-marked x. I just received 1099-c (box2-$98,000 box5-marked x & box7-$1,118.00).
2 ANSWERS
There seems to be some confusion there. If I am reading this question correctly, it seems the lender is making a mistake, either with the lawsuit or the 1099. You should contact legal counsel to review your legal rights in detail.
Answered on Feb 11th, 2013 at 1:46 PM
Arguably if you received a 1099, the bank has forgiven the debt. This would be a defense for any lawsuit by the bank against you. You may need to contact an attorney to review your loan(s), 1099 and lawsuit.
Answered on Feb 11th, 2013 at 1:45 PM