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Updated almost 9 years ago,
1099-c foreclosure help
I have a question about 1099-c on a forclosure. I have heard of the debt relief act and want to see if you think we will qualify to use it. We bought our 1st home when my husband was in the military and we lived there for a few years. He got out of the military and we tried to sell it and financially we couldn't, we'd have to bring too much cash to the table. We rented it out for a year,hoping the market would get better and it didn't. In the process of finding another renter, after 6 months, it was hopeless and it ended up getting forclosed on. Now my question is this... It was our primary home and since it wouldnt sell, right before it foreclosed, we bought another house to live in. Would it qualify for the debt relief act forgiveness? Technically we had another home for about 6 months before it sold at auction.