Legal Question in Real Estate Law in Florida

My atty is negotiating with my bank's atty regarding an investment condo I own that is in litigation. The lender's atty said they will entertain either a DIL or short sale but that the DIL carries no 1099C. I believe bank's attorney is incorrect.
My accountant tells me not to worry about the 1099C as it is business but I need to know if I took the DIL and they mark it as above, will my credit be tarnished. There are no late payments as Im up to date (performing loan). I am under the impression that a DIL, no matter how it is reported is still a foreclosure as such and the credit companies have specific codes that will be inserted in my report no matter what how the DIL is reported. Am I right?
The lenders atty said they would probably put Disputed but Resolved.
On the other hand, a short sale will give me a 1099C that can be dealt with & probably a hit on my credit report for shorter time period.
Please take into consideration that I'm UP TO DATE ON EVERYTHING.

Asked on 8/06/09, 10:26 am

Sarah Grosse Sarah Grosse, Esquire

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0 attorneys agreed

Please ask your attorney for advice in this matter.

Answered on 8/12/09, 9:10 am

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