I am not asking what goes on the 1099-C. I want to know when and how the value of the property is calculated. I understand that is then taken away from the loan balance then the 1099-C is issued.... more
Actually, when in comes to buying a foreclosure the better questions are "What" and "Who." After these two are answered, "when" and "how" may not matter.
Contact an agent in the area of the foreclosure for help.