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turnpikere · Joined: 03 May 2010 Posts: 2 1.61 Dollars($)

I was forclosed in Dec 2010 on a commercial mortgage and was issused a 1099-c form for debt cancellation. Now the bank in May 2010 is proceeding suing for the same amount on the IRS 1099-c form. Is that not a conflict?

jenkin7 · Posted: Mon May 03, 2010 10:35 pm Post subject:

Hi turnpikere,

If the property had already been foreclosed and you have been issued a 1099 C Form, one would assume the outstanding balance on the loan has been forgiven by the bank. They are not supposed to come after you for this forgiven debt. Are you sure the bank sent you 1099C Form and not 1099A form? If they sent you a 1099A Form, they can sue you for the remaining debt. But they should not come after you for a debt that they have already canceled. Talk to the bank and find out what exactly they intend to do. Do they want to forgive the outstanding balance on the loan or do they want to sue you to collect it?

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