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Foreclosure and the 1099

Posted on: 01st May, 2010 10:36 am
Hi,

I am a green card holder living in Europe for several years. I´ve purchased a condo in Florida as investment in 2005 and stopped paying about a year ago. I am dealing with the bank a deed in lieu but I realized it will produce a 1009 for aprox $160K. Question is: do I get a 1099 also in a foreclosure? As I live abroad, I dont really care about credit scores or even deficiency judgments, as I dont think they will pursue it in Europe. Then my only concern is the 1099, as I pay taxes to IRS every year and cannot escape that.
Please confirm,
Emilio
In case of a foreclosure, you would be responsible for paying off the deficient balance resulting from the sale of the property. If you pay off the dues to the lender, then you won't receive the 1099c form.
Posted on: 03rd May, 2010 04:58 am
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