Wording in Short Sale to prevent issuance of 1099's
Posted: Tue Oct 09, 2012 10:56 am
Isn't a 1099c issued regardless of short sale or foreclosure? Those borrowers under HAFFA receive at least $2500 to move out vs no guarantee of cash for keys after a foreclosure. A sooner short sale cuts off liability to HOA. Also tax attributes can be a problem by not selling property during same year as bankruptcy discharge. If lender dragging its feet to foreclose again short sale may be better
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On Oct 9, 2012, at 10:13 AM, "Hale Andrew Antico" wrote:
> I know real estate brokers need to eat, but it should not be done by hurting homeowners with a tax burden, and withholding full disclosure of these consequences until it's too late.
>
ghiggins8@yahoo.com
> Sent: Monday, October 08, 2012 6:27 PM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Wording in Short Sale to prevent issuance of 1099's
>
>
> Yes. Required by IRS. And if they say they won't to push the short sale so they get their fees, they are lying. What they count on is usually the home owner won't find out until the next year.
>
> Sent from my Verizon Wireless Droid
>
>
> -----Original message-----
> To: "cdcbaa@yahoogroups.com"
> Sent: Tue, Oct 9, 2012 01:13:57 GMT+00:00
> Subject: Re: [cdcbaa] Wording in Short Sale to prevent issuance of 1099's
>
>
> You cannot, required by IRS.
>
> Jonathan Leventhal, esq.
> Leventhal Law Group, P.C.
> 818-347-5800
>
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> On Oct 8, 2012, at 5:59 PM, "Catherine Christiansen" wrote:
>
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>> Anyone have any suggestions on how to add the wording to a short sale agreement which prevents the lender from issuing a 1099 against the debtor who is short selling the property to another?
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>> Catherine Christiansen
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