Just a quick question about Form 1099A.
We were foreclosed on 1 year ago on our primary residence in FL. We tried everything, short sale, deed in lieu, loan mod. (this was before the gov. stepped in) and it was all a no go. Fine. We lost our home.
When we got the 1099A forms this year it showed that the fair market value of the home was more than the balance owed on the 1st and that we were personally liable for repayment. On the 2nd (the HELOC used to purchase) the balance owed was there and the FMV was $0. but that we were not personally liable for repayment.
My question is: Can there be a deficiency judgement against us if they show FMV as higher than balance owed on 1st and not liable on 2nd?
The house sold at courthouse for $100 back to bank and they just resold it in July for 36% of what we paid for it. We've avoided BK so far but there's no way I can pay back over $300k in mortgage loss.
Thanks so much.
1099A and deficiency judgement?
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