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Foreclosure in Arizona

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lilmonte Guest	Posted: Sun Mar 08, 2009 5:36 pm    Post subject: Foreclosure in Arizona Like 0 Dislike 0 I am facing a foreclosure in the state of Arizona. Last year the home appraised for $185,000 and currently real estate comps are priced at $60- 70,000. I am trying to the best of my ability brace for all the ramifications that will result from this. I know my loan has PMI on it, and I know that Arizona has anti deficiency laws in place. My question would be can the lender still issue a 1099 for the difference of loan value vs sale price. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10020 Location: Alaska 917.78 Dollars($)	Posted: Sun Mar 08, 2009 7:49 pm    Post subject: Like 0 Dislike 0 Hi lilmonte! Welcome to forums! In a foreclosure sale, you are liable to pay the deficient amount. If you have a PMI, then the deficient amount will be covered under the insurance. As you will be liable to pay the deficient amount, I don't think the lender will issue a 1099-c to you. If the deficient amount is forgiven, then the lender may issue a 1099-c. Feel free to ask if you have further queries. Sussane

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