Legal Question in Bankruptcy in New York
foreclosure
The house that has my name on its Deed & note is in foreclosure. It's not my primary residence. If the house is sold at auction for much less than the amount owed, can the bank send me a 1099 stating that difference is income? Or can they come after me for the deficiency? Would filinf chapter 7 relieve me of this burden?
Asked on 6/19/09, 9:51 pm
1 Answer from Attorneys
Richard Feinsilver
Richard S. Feinsilver, Esq.
Re: foreclosure
A Chapter 7 bankruptcy will discharge a liability for a defciency in a foreclosure action so long as it is filed prior to your receipt of a 1099.
Answered on 6/20/09, 6:38 am
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