Question by curious mind: On a 1st Mortgage refinanced, will the bank issue a 1099, if foreclosures 2 yrs after the re-fi?
What is the current law on banks issuing a 1099 on foreclosed homes, if it was refinanced 2 yrs before the default, when its a 1st mortgage?
Will the bank try to make the homeowner pay back the amount of the refianced loan, when its a 1st mortgage?
Answer by real estate guy
Yes, the bank will come after you. Any laws are for the purchase mortgage. TALK WITH A LAWYER in your state
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