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1099-a

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Guest	Posted: Tue Feb 16, 2010 8:42 am    Post subject: 1099-a Like 0 Dislike 0 hello i had my investment house forclosed on me in feb of 09 my mortgage balance was 273,000 my fmv is 293,000 the house has been sold and i just received a 1099-a for this , im i responsible for something here , i,ve already lost my down payment and 3 years of paying mortage and my home as well as a bad credit score. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10423 Location: Alaska 983.47 Dollars($)	Posted: Tue Feb 16, 2010 10:24 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! If your property was sold at a higher price than what you owed on the mortgage, then you won't be responsible for paying off any taxes to the IRS or deficient amount to the lender related to that property. If your property was sold at a profit, then you would receive that amount from your lender. I would suggest you to have a word with a tax adviser and take his opinion in this regard. Sussane

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