December 2009

Phil Z from Sherman Oaks, CA 

Posted on Monday, December 7, 2009

I reside in CA but have 5 second home properties in FL that are pending foreclosure. I understand that the bank will 1099-c on short sale or DIL. If it forecloses (not a forgiveness of debt) will I be responsible for the tax owed on the difference or whole loan amount? How can I defend myself? ...