I'm negotiating a settlement with a 2nd lender (PNC Bank) and their offer entails the seller giving up $10K at closing, PNC will charge off the balance on the loan, they will issue a 1009 A on the balance, and they have made it clear they intend to pursue the seller for a payment plan after the closing. 

My Question is how can they charge off the remaining balance, sent us a 1099 and then come after us for more money? Can that even be legal?

Views: 100

Comment

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Comment by Kevin - Greenville, SC on March 3, 2012 at 3:48pm

Check with an accountant and/or an Attorney in your State.

Comment by Kevin - Greenville, SC on March 3, 2012 at 3:47pm

Perhaps, there are court rulings either way.

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************