Compare Mortgage Quotes

mbright123 · Joined: 29 Jan 2011 Posts: 1 1.29 Dollars($)

Last year 2010 I flied Chapter 7, I couldn't afford my mortgage and the bank had started foreclosure on my primary residence. The balance of the mortgage loan was 340,000 and the bank sold the property for 240,000 (current market value, based on the comparison sales in the area). Now I am receiving a 1099 form for the difference which is about $100,000.

jameshogg · Posted: Sun Jan 30, 2011 11:21 pm Post subject:

Hi mbright,

If you had reaffirmed the mortgage when you were in Chapter 7, you will be liable for paying off the deficient balance. However, if you haven't reaffirmed the loan, then you won't be liable for paying off the deficient balance.

Thanks.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Do I pay taxes on a 1099 form after Bankruptcy Chapter 7?

Financial Tools

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1