Hello, we went through a successful short sale in 2013 with Wells Fargo, an FHA loan, and they have waived the right to go after the deficiency.
I am trying to understand what to expect for taxes. Will we or won't we be getting a 1099C? Is it good or bad to get one? If we have been completely released from the loan, can mortgage insurance come after us? I am finding conflicting information everywhere. (I do know about the mortgage debt relief act, I'm not worried about paying taxes I'm more worried about what it means to get a 1099C and if I need to worry about mortgage insurance coming after us)
I of course will discuss this with the accountant but want to hear what this forum knows before I talk to them.