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Settling a second mortgage

Posted on: 30th Jan, 2012 02:47 am
i had a settled a second mortgage. i stated to them that i wanted a letter that it was paid in full and get a full release on the lien. now, i have received the letter in the mail which says that the loan has been paid in full, release of lien etc. but i also received a 1099 in the mail, do i have to claim this on my taxes as income even though i received a paid in full letter?
i think you should inquire from authorities, so that you not get intercepted while qualifying for mortgage.
similar query is asked on the following thread, have a look on it!
Posted on: 30th Jan, 2012 03:11 am
Hi Clooney,

I guess a portion of your mortgage was forgiven by the lender. In such a situation, you will be liable for paying taxes on that forgiven debt and you will have to claim it on your taxes.
Posted on: 30th Jan, 2012 03:20 am
You can also talk to the loan companies of your bills and see if they will cut you some slack .

Posted on: 31st Jan, 2012 12:13 am
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