10-24-2008, 11:22 AM
| | Junior Member | | Join Date: Oct 2008
Posts: 1
| | | Forclosure
What is the name of your state (only U.S. law)? Florida
I have a first and 2nd mortgage on my home. I am considering Forclosure. Will I be automatically responsable for the amount of the 2nd mortgage?
If I short sale, will I recieve a 1099 for the amount of the deficiency? |
10-24-2008, 12:52 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote:
Originally Posted by Glynn Miller  What is the name of your state (only U.S. law)? Florida
I have a first and 2nd mortgage on my home. I am considering Forclosure. Will I be automatically responsable for the amount of the 2nd mortgage?
**A: yes, that is generally the case.
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If I short sale, will I recieve a 1099 for the amount of the deficiency? |
**A: see above. | |
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