Question about 1099C

[tknj99]

Hello,
I have an investment property that foreclosed and was sold at auction back to the first mortgage lender. When will I get a 1099C - will it be at the end of 2010 like a tax statement in the mail or will it be after the house sells at auction from the bank to another buyer, which could be in 2011?
Thanks

[HHM]

First, you are assuming they will forgive the debt in the first place. Unless you are in a non-recourse state (very few states are non-recourse), the bank has the option of pursuing you for the difference.

As for when you will get the 1099-C, the unfortunate answer is, whenever the bank gets around to it.

[tknj99]

Thx - I live in Florida and just trying to gauge if I will file this year or next year.. i guess that also depends on when the cc's sue as well..