Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
If you Worked with Short Sales...You Need to Know...
If you worked with short sales you know that you helped people through one of the most difficult times in their lives...and we applaud your efforts. Your education in this area did not go unrewarded. Whether Sellers told you or not...it gave them a hand up and a way to get a fresh start. The debt, the phone calls from lenders, the barely even imagining one day at a time were erased. We have stayed in touch with many of the hundreds of our short sale Sellers who became our buyers and are living the American Dream of home ownership once again.
One of the things short sale Sellers are told...and we put in writing at the very busy time of the sale...the Lender reserves the right to issue a 1099 form to the Seller for the amount of the debt forgiven. There is no way to know IF the lender will or will not issue it...and now we also know that the "when" it is issued may also come at a later date. We recently got a call from a former Short Sale Seller who told us about her letter from the IRS indicating she owed taxes.
Are you on The Rain? Grow Your Network!