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Our house was foreclosed on in May 2010. We have not filed bankruptcy yet, likely in March 2011. We just received on February 2 Form 1099-A.
Box 2 amount is 215,175, Box 4 is 226,146. Box 5 is checked no. The house as far as I know hasn't been sold yet and the price they are asking is probably 150,000 or less. I am confused on what this all means especially since we have not filed for bankruptcy yet. I usually use Turbo Tax but I am not sure if I should do this on my own. Also will I get a 1099-C ? Also what if the house was refinanced original cost 125,000 7 years ago?. Thank you.

jameshogg · Posted: Tue Feb 08, 2011 10:45 pm Post subject:

Hi onebraincell,

Your query has been replied to in the given page:
http://www.mortgagefit.com/annoucements/about49325.html#201743

Take a look at it. Hope it helps you.

Thanks

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