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    minooka's Avatar
    minooka Posts: 3, Reputation: 1
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    #1

    Feb 24, 2009, 08:31 AM
    1099A Not Received
    The bank accepted a Deed in Lieu of Foreclosure on my house. The FMV was $240,000. And the mortgage balance was $180,000. Is the bank required to send a 100A under these circumstances? I have received nothing from the bank in term of forms.
    minooka's Avatar
    minooka Posts: 3, Reputation: 1
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    #2

    Feb 24, 2009, 08:33 AM

    Sorry for the typo - that should read 1099A!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Apr 22, 2009, 01:14 PM
    No, the bank is not required to submt the Form 1099A or 1099-C.

    BTW, if the FMV was $240K on a $180K mortgage, why did you not SELL THE HOUSE?
    minooka's Avatar
    minooka Posts: 3, Reputation: 1
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    #4

    Apr 22, 2009, 04:20 PM
    The house was on the market for 21 months and we couldn't find a buyer. We reduced the price to just cover expenses (we were actually slightly in the hole on that!) and still no takers. Timing is everything in real estate and ours stunk! We had a $10,000. Interest payment due every 9 months and completely depleted our savings for that house - we had to give it back to the bank or go deeper in debt. Thanks for your reply... minooka
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #5

    Apr 23, 2009, 10:20 AM
    Okay, then it is very likely that no Form 1099-A or 1099-C are forthcoming.
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