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

Posted by Kish on April 29, 2008 at 09:35:58:

In Reply to: Re: 1099 issued for Short Sale and Deed in Lieu? posted by steele in minnesota on April 29, 2008 at 05:58:07:

Hi Steele,
Thank you very much for looking this up for me. This releives me a lot. My current mortgage amount is 5K less than my purchase price, all in 1 loan (refi'ed). So, it seems that I am covered, by this law even if the bank issues 1099. I believe this is the case for Short sale. Can we assume the same for DIL as well?
The reason why I am leaning towards DIL is that I will not be responsible for selling the house and further where as in Short Sale, its still my responsibility to sell the house and again bank has to agree to the deal and all that. Ofcourse, it is at banks descrition on which one they want to agree to, if at all.
Thanks again.

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