If I am a home owner will I get a 1099 if I walk away from my home? If your home is a primary residence you should not have a 1099 if your home is foreclosed on. If you took out a second mortgage after the fact and bought an SUV or a vacation, you will be liable in the eyes of the IRS but not owe your lender any money.
The Rules of Deficiency Judgements
In an unprecedented move, Fannie Mae has announced that they are putting a freeze on Forclosures and Evictions. This will give lenders time to do loan work outs. More Foreclosures on the market is not a good thing.
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