Foreclosure in 81650>Question Details

Robert Blots…, Real Estate Pro in Rifle, CO

Short sale vs. foreclosure with investment property...

Asked by Robert Blotske, Rifle, CO Wed Nov 2, 2011

Ok so if an investor short sells a few homes he will be issued a 1099c for the forgiven amount, so would it be better to let the bank foreclose and file for a BK? Seems to me the investor would then not have a tax burden as no 1099c would be issued nor a deficiency, am I missing something here? Sure he will have a foreclosure and BK on file but at this point he does not care!

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Sounds like you should speak to an attorney.
Web Reference: http://www.sallygrenier.com
0 votes Thank Flag Link Thu Nov 3, 2011
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