Legal Question in Real Estate Law in Florida

I purchased a condo as my primary residence in 2007. I lived there just over a year and then got married and moved into the house owned by my spouse. I rented my property for a year or so and now am going through a short sale. Is my only hope of not receiving a 1099 to move back into the property and establish it as my primary residence?


Asked on 6/08/10, 8:24 am

1 Answer from Attorneys
Jacqueline Salcines Jacqueline A. Salcines, PA

Depending on which state you live in, the lender may or may not be able to pursue a judgment against you. I practice real estate law in Florida and short sales are my primary business. At the time of submitting the short sale request and package to the lender, if you are not residing on the property, then it is not considered a primary residence and you will most likely be subject to collection of the balance and capital gains tax on the difference written off. However, all this can be negotiated by the person handling your short sale and the bank may be agreeable to writing off the amounts howeve rit is crucial to get it in writing. The 1099 tax report filing is usually non-negotiable however. Good luck.

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Answered on 6/08/10, 11:39 am


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