Real Estate Law
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1. Did you get any approval from the second mortgagee for the short sale ?
2. Was the second mortgagee paid anything on the loan, or did they issue a 1099 for the entire amount of the loan ?
yes they agreed to the amount and released the house to sell but left open the option to collect.
they received some not sure the amount.
When a lender issues a 1099 to a borrower as they did in your situation, the lender does not sue the borrowers for a deficiency judgment and neither does a collection agency to which the lender may have sold the account,
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