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Old 11-18-2009, 08:23 AM
 
84 posts, read 337,906 times
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My dad just lost his home and a lawyer instructed him to file for bankruptcy. The lawyer mentioned to my dad that the bank could send him a 1099 for the difference when and the home resells. He has only one loan but he refianced it twice. Any advise on this would be helpful.

Thank you.
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Old 11-18-2009, 09:18 AM
 
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Sounds illogical to me. The 1099 would come after the bank forgave part of the loan balance. Not on a foreclosure. Nevada is a recourse state, and they could come after you on a second. Give us as much accurate information as possible, and you will get better advice.
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Old 11-18-2009, 09:53 AM
 
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It is my understanding that if the bank doesn't go after him then they can issue the 1099, but I believe they passed a tax relief act a couple years ago where if you lose your house and get a 1099 and it is your primary residence then you don't have to pay taxes on that.
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