Re: 1099 issued for Short Sale and Deed in Lieu?

Posted by NJD on April 26, 2008 at 08:21:48:

In Reply to: Re: 1099 issued for Short Sale and Deed in Lieu? posted by Kish on April 26, 2008 at 08:17:20:

"This is my primary residence and this is refinanced mortgage. Am I eligible under mortgage forgiveness act?"

Hard to say. But insolvency rules. Talk to your accountant about tax matters. The amount of the refi which covered the acquisition financing may be exempt from 1099 income tax, but not for any 'cash out'.

This is covered in Fight Foreclosure!

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