Posted on: 07th Mar, 2009 06:08 pm
How does a 1099A for Abandonment of Property affect my credit score as much as a forclosure...I received a form 1099A for Abandonment of my mortgage and want to know how it will affect my credit report. I thought that the mortgage company was foreclosing on my home, according to letters received by them, but then I received a 1099A form for tax records. Will this affect my credit score as bad as a Foreclosure
Hi pmusick,
1099-A form helps you to notify the IRS about abandonment or accquisition of a property. I don't think it will affect your credit score in any way. However, if your property is foreclosed by the lender, then your credit score will be badly affected and it will be lowered by 250 points.
Thanks
1099-A form helps you to notify the IRS about abandonment or accquisition of a property. I don't think it will affect your credit score in any way. However, if your property is foreclosed by the lender, then your credit score will be badly affected and it will be lowered by 250 points.
Thanks