I short-sold my home last year and am concerned about the bank chasing me down for personal liability within their 5 year limit. I tried to be smart about it, but am not sure if I am safe.
I negotiated a $7,000 payment at the time of closing and just received my 1099-C tax form, does that mean that they have completely forgiven my debt and I can relax?
Thank you for your help.
Answer
Impossible to answer your questions without seeing the paperwork. Remember the five year period starts from the date the last payment was due on your mortgage. Did they issue a satisfaction of the mortgage? If so, then you likely are OK.
No comments:
Post a Comment