Bankruptcy & short sales

10-21-2009, 10:35 AM

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Join Date: Oct 2009

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Bankruptcy & short sales

I'm short selling a second home. The short pay-off has already been approved by my current mortgage lender. If I'm also going to file for Chapter 7 Bankruptcy, will it make a difference if I file before my closing or after my closing but before the end of the year? My concern is with the debt forgiveness tax consequences associated with my short pay-off and whether or not I can expect a 1099 from my current lender in January.

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