Why lender of a short sell does not give1099-C, they want me to sign another noteinstead
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Why lender of a short sell does not give1099-C, they want me to sign another noteinstead
Is it by law, Lender has to give 1099-C on Debt Cancellation such as a short sell of the house. Can they choose to get a another promisory note instead?
Asked on May 16, 2009 under Real Estate Law, California
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
This doesn't make sense. So...contact the California Dept of Financial Institutions may want to hear about this. Further, the new note nullifies the purpose of a "short-sale".
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