Re: 1099 and judgement
Posted by Jim V on August 28, 2007 at 23:37:13:
In Reply to: 1099 and judgement
Posted by Rick Wallace on August 27, 2007 at 18:08:42:
Rick,
I'm not quite sure about your signing an agreement for a deficiency judgment, a lender can seek a deficiency if you don't pay your note and they lose money, but you wouldn't normally sign an agreement for a deficiency. Lenders can, and will seek an agreement to pay for any amount they might lose through a short sale, maybe that's what you are referring to.
Lenders technically can't seek a deficiency and also give you a 1099 for forgiven debt. It's one or the other, either you owe the debt, or it's forgiven.
Although it's probably not what you'd like to hear, you need an attorney. If your first one doesn't work, look for another. It'll be expensive in the sense that you'd probably prefer that money not get spent on legal issues, but getting it resolved will be important in rebuilding your life and credit. If you can't find a legal aid office locally, post back and I'll see if I can find some resources.
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- Re: 1099 and judgement - R Wallace 21:24:29 08/30/07
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