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1099a

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garciaa35 Joined: 20 Aug 2010 Posts: 1 1.29 Dollars($)	Posted: Fri Aug 20, 2010 9:42 pm    Post subject: 1099a Like 0 Dislike 0 Hi Jessica, I bought my house on 2006 live on there until 2007, me and my ex went thru a divorce, now I got a 1099a from the lender. Debt was 685,000 and its was sold for 495,000. I live in california. Do you think I can qualify for the forgivenes program. and How much is the tax on this amount if I have to pay? thanks Sorry, for my english!!!
Niicss Joined: 03 Oct 2005 Posts: 4831 Location: New Jersey 508.39 Dollars($)	Posted: Mon Aug 23, 2010 3:20 am    Post subject: Like 0 Dislike 0 It will depend upon your lender whether or not he would forgive the balance dues. You can negotiate with the lender and request him for writing off the balance dues. If it is your primary property, then you won't have to pay the taxes on the forgiven amount. It will forgiven as per the Mortgage Debt Relief Act. _________________ Good is the Enemy of Great.

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