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bankruptcy vs incentive $$$
I have a client that filed c13 bk; rental props surrendered. Chase contacted seller with $10k & $15k incentives to short sale. Seller has rec'd mixed opinions as to 1099 on deficiency, Chase insist no 1099 on deficiency, only incentive.
anybody have more in depth input on this?
Tags: bankruptcy, chase, sale, short
Replies to This Discussion
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Permalink Reply by Smitty on -
The bankruptcy attorney should be able to answer that, but my gut feeling is if he filed bankruptcy any debt related to the property should be covered by the bankruptcy. Not sure if that includes taxes though, but I would assume so. He needs a good accountant too. If he is INSOLVENT, he will qualify for cancelation of debt income as that is one of the provisions under the MDFA. Even second homes can qualify under that provision, but truly his accountant and lawyer should be able to answer that for sure.
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