Legal Question in Real Estate Law in Illinois

Will I get a 1099 for my home if the property is foreclosed?

I have a property in Cicero Illinois. For the past 2 months I have been in foreclosure because I lost my job. The value of the home is $230,000. I presently owe $242,000. If they fully foreclose on my house, will I still be liable for any debts. Will they try to give me a 1099c for the difference? how does this work?


Asked on 1/22/08, 5:09 pm

1 Answer from Attorneys
Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: Will I get a 1099 for my home if the property is foreclosed?

You may be legally liable for the difference. However in practice, they rarely if ever go after a person for this "deficiency". Due to a recent tax law change, the deficiency is not income to you. So I don't believe you'll be getting a 1099.

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Answered on 1/23/08, 4:27 pm


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