1099C

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noelle
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Subject: 1099C

Wed Feb 09, 2011 1:56 am

My husband and i had to short sell our house after he was laid off. We got a 1099c from the bank. My question is we also had PMI (private mortgage insurance) on the house can the PMI company try and come after us for the amount we were 1099 on?

Aaron

Joined: 08 Feb 2010
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Posts: 2675

48567 Magic Points

Thu Feb 10, 2011 6:03 am

I guess the debt gets forgiven once you receive this 1099C. The lender will probably not be able to pursue the dues. But, you'll still remain responsible to pay taxes to the IRS on that debt amount.
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