I live in NC and my home is going to foeclosure. I want to settle with the bank(Wells Fargo) wth a Deed in Lieu of foreclosure. My question- Is ther a new law pertaining to mortgage loans only that will prevent the bank from sending me a 1099C at the end of this year?
Asked on 3/20/13, 6:15 am
1 Answer from Attorneys
Kenneth Love
Ken Love Law
The law "the mortgage foreclosure debt forgiveness act" is actually about 4 years old and does cover you as long as the home was your primary residence. If you are even considering doing a deed in liue, you should negotiate for there to be no deficiency anyway.
Answered on 3/20/13, 9:06 am
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