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?
shack Guest
Posted: Sat Apr 11, 2009 5:47 pm Post subject: 1099-A with FMV higher than balance
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
shack Guest
Posted: Sat Apr 11, 2009 5:49 pm Post subject: Message above
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
very confused Guest
Posted: Mon Jun 22, 2009 6:21 pm Post subject:
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 .
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
ChrisN Guest
Posted: Thu Jul 02, 2009 11:12 pm Post subject: Florida Law
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.
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 sucess
Time running out Guest
Posted: Tue Jul 14, 2009 6:40 pm Post subject: Walk away (foreclosure) or deed in lieu, which is better?
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.
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 sucess
Joanneliza Guest
Posted: Thu Aug 06, 2009 7:38 am Post subject: Short sale/Bk
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
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
Bugger7 Guest
Posted: Wed Nov 11, 2009 4:06 am Post subject: Deed in Lieu
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?
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 sucess
adonis
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