Posted on: 20th Sep, 2010 08:22 am
We had a mortgage foreclosed on a property we signed the mortgage for our son. We live in Michigan and the property sold at Sheriff's auction. We received the Form 1099A which states in Box 2 the principal balance of the outstanding balance is 81,203.37. The Fair Market Value of the property is $90,939.69. The box was the borrower personally liable for repayment of the debt is checked no. Does that mean that we can't be sued for deficiency judgement?
Hi JoanJust07,
Basically you are on the mortgage and your son is on deed.But as far as deficiency judgment is concerned you will be liable to pay the deficient amount and thus they may sue you in the court.
Feel free to ask any further query if you have....
DIPA
Basically you are on the mortgage and your son is on deed.But as far as deficiency judgment is concerned you will be liable to pay the deficient amount and thus they may sue you in the court.
Feel free to ask any further query if you have....
DIPA