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adonis

Joined: 22 Oct 2005
Posts: 10242 Location: ALASKA
1042.50 Dollars($)
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Hi katie,
You have mentioned that your property foreclosed in '08. If that is the case, then you will not be responsible for the property anymore as the lender might have sold the property and recovered the dues.
But, in case, you filed bankruptcy before the property was foreclosed, then did you reaffirm the mortgage? |
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shack
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Post subject: 1099-A with FMV higher than balance |
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FMV is 15k over balance on 1099-a. Bought in 05, bank aquired in 08. No 1099-C. Is the 15K forgiven?
What do I file the sale price as, the balance or FMV? Basis was 220K.
This is one confusing form and answers all over the place.
Thanks in advance |
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shack
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Post subject: Message above |
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| I was liable for the debt |
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jameshogg

Joined: 20 Dec 2005
Posts: 10148 Location: Nevada
941.94 Dollars($)
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Hi shack,
As you did not receive a 1099-c, your debts were not forgiven by the lender. The sale price is the amount for which your lender sold off the property. If you are facing problems in filling out the form, you can contact your tax consultant and he will help you in filling out the form.
Thanks |
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very confused
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I have lived in my home for 10 years but I just can't afford it. The house compares to 185k to 190k and I owe 270k. I live in California. How long does it take to be asked to leave? I need to save up money to have so I can rent. I have stopped making the mortage payment so I can save up the money so I can have a roof over my head. Countrywide did me no favors and it is walk away from this house or loose it in a year.
I refianced for fixer up money on this house but I do not have any receipts.
What are the tax implications and how long can I stay in the house . |
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smithsussane

Joined: 18 Sep 2008
Posts: 10020 Location: Alaska
917.78 Dollars($)
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Hi guest!
Welcome to forums!
The lender can foreclose the property if you do not pay the mortgage dues for more than 3 months. If you want to save the property, you can apply for a loan modification. However, if you do not want to save the property, then walking away from the property can be a good option as in California, the lender will not be able to sue you for the deficient amount. As far as the taxes on the forgiven amount is concerned, you may not have to pay them depending upon your state laws.
Feel free to ask if you have further queries.
Sussane |
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ChrisN
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Post subject: Florida Law |
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| Do anybody know if a lender (2nd mortgage holder) can sue for deficient amount in Florida after a short sale ? This is assuming the 2nd mortgage debt wasnt completely forgiven at closing. I know this varies from state to state so I was just wondering about Florida in particular. Thanks. |
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adonis

Joined: 22 Oct 2005
Posts: 10242 Location: ALASKA
1042.50 Dollars($)
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Hi ChrisN,
The second mortgage lender can sue you for the deficient amount resulting from the short sale of the property. If you're unable to pay the deficient amount, the lender may place lien on your other properties. _________________ Procrastination is the enemy of your financial success |
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Time running out
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Post subject: Walk away (foreclosure) or deed in lieu, which is better? |
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Ch 7 discharge Nov 2008, first & second mortgage both not reaffirmed, to avoid taxes, is it better to do a deed in lieu of foreclosure, or better just to walk away? Basis is $160k, loans about $800k. Married.
Thanks! |
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adonis

Joined: 22 Oct 2005
Posts: 10242 Location: ALASKA
1042.50 Dollars($)
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You can apply for a deed in lieu foreclosure in order to get rid of the property. As you've not reaffirmed the debt, you are not personally liable to pay off the debts. The lender only be able to recover the collateral from you. He will not be able to sue you for the deficient amount. However, this would lower your credit score by around 250 points. _________________ Procrastination is the enemy of your financial success |
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Joanneliza
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Post subject: Short sale/Bk |
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| If I short sell my investment property and Bank has the option to pursue the remainder of the balance due on their loan, can this be discharged in Chapter 7 Bankruptcy? IL |
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jameshogg

Joined: 20 Dec 2005
Posts: 10148 Location: Nevada
941.94 Dollars($)
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Hi Joanneliza,
As far as I know, the deficiency balance resulting from the short sale of the property would be considered as your unsecured debt. So there are chances that this would be discharged if you file Chapter 7 bankruptcy. However, it would be a better option if you could consult a bankruptcy attorney and take his opinion in this regard.
Thanks |
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Bugger7
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Post subject: Deed in Lieu |
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| When I was going through with my Deed in Lieu Countrywide told me that the price of the house would be the fair market value listed on the 1099. After my Deed in Lieu went through I seen several months later my place sold for way less than the fair market value. When they send my 1099 will they have to list the fair market value on it like they said or can they put the selling price on there? |
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adonis

Joined: 22 Oct 2005
Posts: 10242 Location: ALASKA
1042.50 Dollars($)
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Hi Bugger,
As far as I know, the lender will list the fair market value of the property in the 1099 form and not the selling price. _________________ Procrastination is the enemy of your financial success |
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Betsey
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Post subject: DIL |
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| If I have an investment property (never lived in the home) and am being offerred a DIL by the lender, (looks like we will be approved for this) would this be a better opion than going through full foreclosure and what are my tax implications (IRS) if I take th DIL deal? |
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