Legal Question in Real Estate Law in Florida
I received a 1099C Cancellations of Debt for a foreclosure on an investment property. Can the lender also file a money deficiency judgment against me for the same amount he is giving the the 1099C? I am paying taxes on the unpaid principle amount this tax year, seems like it would be double jeapordey if the lender would still be able to file a money deficiency for the unpaid balance. Doesn't the 1099C cancellation of debt do just that cancel the debt very confused. iam puttinf Fl for state because that is where the property is, I live in NJ.
Asked on 1/28/12, 1:21 pm
1 Answer from Attorneys
Alterraon Phillips
APLaw, LLC
When you receive a 1099C, the creditor is forgiving that debt.. No they will not go for a deficiency judgement for which has been forgiven.
Answered on 1/31/12, 8:56 pm
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