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Guest

I live in california and received 1099 c from the second lender (HELOC) for 2009. I continue to make payments on the first loan. I filed my taxes and claimed 1099 c as my income and paid taxes on it. Does it mean that I don't owe any money to second lender? If yes than should second lender remove the lien on my house?

Thank you
Mike

jameshogg · Posted: Mon Feb 15, 2010 12:06 am Post subject:

Hi Guest,

You would receive the 1099c form if your second mortgage lender had forgiven the loan. If he has already forgiven the loan, then you do not have to pay anything to the lender henceforth. In this case, the second lender would remove the lien from your property.

Thanks

Guest

What if they issued the 1099c and also kept the lien on the house. Is this illegal for the bank to do?

jameshogg · Posted: Wed Jul 27, 2011 10:56 pm Post subject:

HI Bernadette,

The lender will issue a 1099c when he has forgiven the debt. If he has already forgiven the debt, there won't be any lien on the property.

Thanks

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