Asked by Laily, Centreville, VA • Sun Jan 31, 2010
I have an investment property with 1st and 2nd mortgage. It is in the process of short sale and not finalized yet. 1st mortgage is $450K and 2nd is $87k. The 2nd mortgage is taking me to the court to pay the debt but they also reported 1099 to IRS. they indicated FMV of $305K. Is it possible for them to ask for their whole money and also send 1099 a? please advise what to do Thank.
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