Posted on: 10th Nov, 2010 08:00 pm
I recieved 1099A Tax Form for my 1st and 2nd Mortgage, with Box #5 "Was borrower personally liable for repayment of the debt" with the check box "NO" checked off. Does this mean I am not liable for these debts anymore?
Hi jjaly!
Welcome to forums!
As far as I can understand from your query, you're not liable for the deficient balance after your property was sold off. The mortgage dues have been forgiven by the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I can understand from your query, you're not liable for the deficient balance after your property was sold off. The mortgage dues have been forgiven by the lender.
Feel free to ask if you've further queries.
Sussane