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Foreclosure and the 1099

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Iberstonespain Joined: 26 Aug 2008 Posts: 2 1.74 Dollars($)	Posted: Sat May 01, 2010 10:36 am    Post subject: Foreclosure and the 1099 Like 0 Dislike 0 Hi, I am a green card holder living in Europe for several years. I´ve purchased a condo in Florida as investment in 2005 and stopped paying about a year ago. I am dealing with the bank a deed in lieu but I realized it will produce a 1009 for aprox $160K. Question is: do I get a 1099 also in a foreclosure? As I live abroad, I dont really care about credit scores or even deficiency judgments, as I dont think they will pursue it in Europe. Then my only concern is the 1099, as I pay taxes to IRS every year and cannot escape that. Please confirm, Emilio
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon May 03, 2010 4:58 am    Post subject: Like 0 Dislike 0 In case of a foreclosure, you would be responsible for paying off the deficient balance resulting from the sale of the property. If you pay off the dues to the lender, then you won't receive the 1099c form. _________________ Good is the Enemy of Great.

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