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How Do I Get My Foreclosed Home Forgiven? Carl

“Dear Steve,

My home was forclosed they did not forgive my debt how do i get it forgiven

Carl”

I asked my friend Mike Killian to answer your question for you. I wanted to make sure you got an answer as quickly as possible as I’m a bit backed up at the moment. I’ll be watching the comments on this question and be around to help if you need me.

 

Dear Carl,

Anyone facing foreclosure has a good chance of owing the lender money after the foreclosure is complete. The laws vary from state to state so you will want to speak to a real estate or bankruptcy attorney about your rights. Some lenders will issue a 1099 income statement to borrowers deficient in paying off their present balance.

It is difficult to know your situation or your state statues but my highest recommendation is to contact a bankruptcy attorney as soon as possible as this may be your only recourse.

Sincerely,

Mike

If you have a credit or debt question you’d like to ask just use the online form. We are happy to help you totally for free.

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About Mike Killian

Mike Killian
Mike Killian is founder of Learning Credit and Debt Management. He has been writing and teaching about credit and debt management issues for over 12 years. His articles have been referenced by various members of the media, including MSNBC and The Motley Fool. Mike has also offered debt elimination seminars to businesses and community colleges for many years. He has an MS in counseling and is a nationally certified as a Personal Finance Counselor. Mike can be found at LearnCreditManagement.com/.

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