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Is this legal?

Posted by Scott Fain on March 2, 2012 at 12:14am

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?

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Comments

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

Check with an accountant and/or an Attorney in your State.
Kevin - Greenville, SC March 3, 2012 at 3:47pm

Perhaps, there are court rulings either way.

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