Legal Question in Real Estate Law in Florida

My atty is negotiating with my bank's atty regarding an investment condo I own that is in litigation. The lender's atty said they will entertain either a DIL or short sale but that the DIL carries no 1099C. I believe bank's attorney is incorrect.

My accountant tells me not to worry about the 1099C as it is business but I need to know if I took the DIL and they mark it as above, will my credit be tarnished. There are no late payments as Im up to date (performing loan). I am under the impression that a DIL, no matter how it is reported is still a foreclosure as such and the credit companies have specific codes that will be inserted in my report no matter what how the DIL is reported. Am I right?

The lenders atty said they would probably put Disputed but Resolved.

On the other hand, a short sale will give me a 1099C that can be dealt with & probably a hit on my credit report for shorter time period.

Please take into consideration that I'm UP TO DATE ON EVERYTHING.


Asked on 8/06/09, 10:26 am

1 Answer from Attorneys
Sarah Grosse Sarah Grosse, Esquire

Please ask your attorney for advice in this matter.

Read more
Answered on 8/12/09, 9:10 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Florida