Posted on: 10th Jun, 2010 07:12 am
i had a property foreclosed on that was cross collateralized as a second on my primary residence. the mortgage company issued a 1099-c, cancelation of debt notice. can i file that as a release of the second mortgage at the county land records office?
Hi brucebates!
Welcome to forums!
If the property has been foreclosed by the lender and the balance amount has been forgiven by the lender, then you are free from that debt. However, if you've used your primary residence as a cross-collateral, then the lender may come after that property and place a lien on it. I would suggest you contact an attorney and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property has been foreclosed by the lender and the balance amount has been forgiven by the lender, then you are free from that debt. However, if you've used your primary residence as a cross-collateral, then the lender may come after that property and place a lien on it. I would suggest you contact an attorney and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane