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Debt Cancellation on a Home Equity Line of Credit

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  • 10-02-2011, 08:39 AM
    kneadhelp
    Debt Cancellation on a Home Equity Line of Credit
    My question involves a mortgage in the state of: Florida

    Does a 2nd mortgage lender in a Foreclosure have to file a Cancellation of Debt (1099-C) with the IRS the same year of the Foreclosure Sale or can they cancel the debt anytime.
  • 10-02-2011, 09:15 PM
    flyingron
    Re: Debt Cancellation on a Home Equity Line of Credit
    In Florida, they have recourse. There's no requirement that they forgive the loan or file a 1099-C until they decide they don't want to try to collect it anymore.
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