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myoungling · Joined: 11 Oct 2010 Posts: 1 1.31 Dollars($)

Due to divorce, I moved out of my Michigan home first and eventually my ex-spouse who is also on the mortage did also. Two years later we finally got approved for a short sale and the bank will forgive the debt. However, they are issuing a 1099 for the difference which is substantial. Since we moved out before the short sale and the home was vacant for over a year (not a primary residence) is there any other protection under the Mortgage Forgiveness Debt Relief Act?

smithsussane · Posted: Mon Oct 11, 2010 10:47 pm Post subject:

Hi myoungling!

Welcome to forums!

Though you moved out of the property, I guess you'll be able to take the advantage of the Mortgage Debt Relief Act. Nevertheless, you should contact a tax adviser and get his opinion in this matter. He will guide you in a better manner in this regard.

Feel free to ask if you've further queries.

Sussane

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