Q: Hello. I am looking to investigate a foreclosure on a house back from ca. 2007 - 2010 with the lender being BofA...
I was req'd to fill a Form 1099-A for the Value of the House being more than what was owed. 'looking to send an inquiry to lender seeking funds, even though foreclosed?
A: First, your rights to challenge the foreclosure or anything related to the foreclosure action have been extinguished when your redemption period expired. Second, you should not have had any tax consequences related to this transaction if the bank received their monies owed at the time of the sheriff sale.
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