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lfbaldemor · Joined: 24 Feb 2010 Posts: 1 1.47 Dollars($)

our house was foreclosed in march 2009 in california. we had a 1st and 2nd loan. we received a 1099-A for the 1st loan, but nothing for our 2nd. when we went to get our taxes done, our tax preparer was asking for a 1099 for our 2nd so we can put it under mortgage debt forgiveness.

we called our lender for the 2nd loan and couldn't get an answer. it wasn't until my husband checked his credit report that we found out that the lender sold the loan. we then called the lender again and was given the number to the collection agency that is now handling our loan.

we told the collection agency that we were wondering if we'd be getting a 1099-A or C since our house was foreclosed. we were told that we would if the loan was purchase money and not a refi. it was not a refi, but the collection agency didn't have this info so they sent our file back to the lender to get clarification.

we called the lender again to find out what's going on and to tell them that the collection agency sent back our file to them. we were told our loan has been charge off and that the collection agency will have to decide what they want to do. BUT the collection agency "closed" the account and sent it back to the lender.

now what? is it likely that we'll get a 1099-A or C for our 2nd loan or will it still be a charge off and we'll have to pay it off? our tax return is on hold since we're not sure if we'll be getting a 1099 still. also, should my husband just file for bankruptcy to make all this go away? (my name wasn't on the title.) if he does this, will it also affect things that are under my name?

THANKS! we are so confused!

adonis · Posted: Wed Feb 24, 2010 10:00 pm Post subject:

Welcome lfbaldemor,

You will have to first check it out with the lender and collection agency as to who owns your mortgage. If the collection agency owns the mortgage, then you will have to pay it off to them. If the lender is the owner of the loan, then you can negotiate with him and ask him to issue a 1099c form.

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2nd mortgage charge off - what do we do with this?