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in 2010 my wife and i spit she short sold the house the first

mortgage was paid and the...
in 2010 my wife and i spit she short sold the house the first mortgage was paid and the second ended up short. the second wrote the loan off as a bad debt and 1099 us for the rest.
In maryland there is a 3 year limit for suite with them 1099 us can they still sue for the rest?
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Answered in 4 minutes by:
7/9/2013
Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 12,554
Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
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Hi, My name is XXXXX XXXXX I will be glad to assist you with your question

 

 

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 ?

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Customer reply replied 4 years ago

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.

Hi, Jim,

 

 

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,

 

______________________________________________________________________

 

 

Please be kind enough to rate Excellent Service" so that I receive credit for assisting you,

 

Bonus and Positive Feedback on survey is very much appreciated,

 

ANDREA

 

Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 12,554
Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
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Andrea, Esq.
Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 12,554
12,554 Satisfied Customers
Experience: I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.

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