Comments on: Judicial vs. Non-Judicial Foreclosure

By: Mujeres Senonas

Mujeres Senonas — Mon, 16 May 2011 23:40:15 +0000

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By: Andrew Pelt

Andrew Pelt — Fri, 20 Aug 2010 23:26:22 +0000

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By: snmaster.idx

snmaster.idx — Thu, 05 Aug 2010 08:22:58 +0000

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By: Silvia

Silvia — Thu, 18 Feb 2010 18:52:00 +0000

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By: kiki

kiki — Mon, 21 Dec 2009 21:46:34 +0000

A 1099 is only for purposes of forgiving or not the debt. If the bak issues a 1099 A or C it means you need to handle the tax consequences (see IRS website when a 1099 has been issued). Because te bank issues a 1099 doesn’t mean that they cannot proceed to file a deficiency judgment (if judicial foreclosure and recourse loan). They have 90 days after foreclosure to file this judgment.