Posted on: 23rd Apr, 2012 07:46 am
hi,
i received a 1099a from my lender. it shows a balance of $411k and a fmv of $250k. i have not filed bankruptcy, nor received a 1099c from the lender. i just called the lender and asked if i had any outstanding debt with them, and they said "no"....but i have not received a 1099c cancelling this debt.
my question is this, should i be concerned about the mortgage coming after me for the difference ($161k), and should i be concerned about owing taxes on the difference? i am thinking about filing bankruptcy and need some advice on how to handle this.....is very confusing :(
i received a 1099a from my lender. it shows a balance of $411k and a fmv of $250k. i have not filed bankruptcy, nor received a 1099c from the lender. i just called the lender and asked if i had any outstanding debt with them, and they said "no"....but i have not received a 1099c cancelling this debt.
my question is this, should i be concerned about the mortgage coming after me for the difference ($161k), and should i be concerned about owing taxes on the difference? i am thinking about filing bankruptcy and need some advice on how to handle this.....is very confusing :(
You need to talk with your lender once more to clarify the situation. You can also take the help of an attorney.
Hi ksipes!
Welcome to forums!
I agree with Skyden. It is your lender who will let you know whether or not you are liable for paying off the deficient mortgage balance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with Skyden. It is your lender who will let you know whether or not you are liable for paying off the deficient mortgage balance.
Feel free to ask if you've further queries.
Sussane