1099A

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I received a 1099A from my home mortgage company>
My original mortgage was with Ameriquest they sold the loan to City Residential /Washington Mutual who foreclosed on us (I had to go on disability and could no longer make the rising payments) and sent us a 1099A Acquisition or Abandonment of Secured Property., Washington Mutual sold the mortgage to Chase the. But City Residential Sent us the 1099A

Here is the question/s: Now that Chase bought the loan will they be allowed to send us a 1099A or C next year even though City Residential is the company that foreclosed on us.
What do we do with the 1099A? I'm hearing that we do nothing until we receive the 1099C. Is that true or do we file the 1099A and if we do that then what happens if we get a 1099C or a A next year? I really can't seem to get a good answer.

Thanks for your time

Caron · Posted: Tue Feb 03, 2009 4:29 am Post subject:

Hi gary,

I think whoever foreclosed on your property needs to send you form 1099A. The IRS Form 1099A is also known as "Acquisition or Abandonment of Secured Property". It is sent to taxpayers who have abandoned their home. In cases where the lender sells off abandoned property, he may offer a part of the sale proceeds to the homeowner. This needs to be reported as income earned by the homeowner. The lender informs the IRS about it by sending Form 1099A.

By the way, have the lender spoken about giving you any part of sale proceeds yet?

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