Seller has not lived in home in 6 years and renting to relative. Seller lives in an apartment in another city. Will Wells Fargo still come after her for the deficit since she no longer lives there? How this will be treated for tax purposes?
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Defieciency's depend on state law and if deficiency judgments are allowed then it comes down to investor or insurers guidelines. Without knowing what state the home is in, who the investor or insurer is, and borrower financials, it's hard to give you a better answer.
Borrower will get a 1099 if the debt is settled. The question is if they are liable to pay on it. This depends on insolvency and many other factors which if they have concerns they should consult a CPA.
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