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Title 1 in default for 12yrs

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kakers Guest	Posted: Wed Jul 28, 2010 8:32 am    Post subject: Title 1 in default for 12yrs Like 0 Dislike 0 Well, my 1st foreclosed in 1997. The Title 1 loan didn't go in foreclosure, I found out later. The loan is guaranteed by FHA. FHA sold the deed for $10. yes, ten dollars,back to the lender, if I am reading the deed recordings correctly. A real estate attorney sent lender a leetter about 5yrs ago that I didn't owe this money anymore. I was issued a 1099 for the income and paid that. I am being relentlessly pursued by a new collection agency wanting to serve me papers and settle the debt. The debt agency said I still owe the money $25,000. even though I was issued the 1099. So, where do I stand? I sent the debt agcy a letter of dispute but I got 5 calls yesterday from process servers and debt agents. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Thu Jul 29, 2010 12:04 am    Post subject: Like 0 Dislike 0 Hi kakers! Welcome to forums! If the lender had forgiven the dues and issued a 1099c form, then you do not owe the debt to the lender any further. You should inform the collection agency about that and send them the required documents related to the forgiven debt. Feel free to ask if you've further queries. Sussane

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