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gfbsnotary · Mar 17, 2011, 07:06 AM

ebaines · Mar 17, 2011, 07:22 AM

Are you sure you should be receiving one? Did you already receive a 1099-A from the lender?

gfbsnotary · Mar 17, 2011, 07:28 AM

Received nothing

gfbsnotary · Mar 17, 2011, 07:30 AM

The only thing we noticed on our credit report that it shows the 1st mortgage -0- bal, and the 2nd mortgage shows, collections/bad debt with also a -0- balance ? Yet another credit report states, charged off for 2nd! We are confused

ebaines · Mar 17, 2011, 07:32 AM

Did you default on your mortgage? Was your house foreclosed on? Did you declare bankruptcy? Tell us what the circumstances are of your mortgages and we can give some guidance.

gfbsnotary · Mar 17, 2011, 08:09 AM

Due to loss of income, could not continue to make payments until the following year when ss kicks in, chase decided not to modify our loan, then we did a short sale. Chase stated they would accept $126K, we sold it for $140K... closing occurred feb 2010

ebaines · Mar 17, 2011, 08:24 AM

So you did not declare bankruptcy - correct?

If the $126K was less than your outstanding mortgage balance, then I would expect that Chase would have sent you either a 1099-A or a 1099-C. I suggest you call and ask them about it. Because of the Mortgage Foregivesss Debt Relief Act you won't owe any taxes on this if this was your principal residence. But you still must report it (on Form 982) if your lender issued a 1099-C.

gfbsnotary · Mar 17, 2011, 08:33 AM

I printed the form 982 from the IRS online, and yes this was our principal home for 5 yrs, we owed 1st Mortgage $181K and the 2nd $77K... so about $258K we owed, and comparables showed for same type home etc... $120-$135K...

gfbsnotary · Mar 17, 2011, 08:36 AM

We originally bought the house $243K, down pyt was $60K... we refinanced to renovate the home, which we did 99.9 % completed then I lost my job, my husband due to health retired from pipefitting, income drop from $90K to $47K (pension)
Can the IRS go to garnish his pension or take some money from savings?

gfbsnotary · Mar 17, 2011, 08:38 AM

This is sad, as we lost hour home... due to circumstances unforseen... here we are today, depressed, retired and not knowing what to do... Our credit has gone up as we have worked very hard to pay our credit cards (under management) and we just got pre-qualified to buy another home, much smaller, and only for about 90K

gfbsnotary · Mar 17, 2011, 08:40 AM

But the savings we have, will be going to pay taxes for 2010, for the first time in 30 yrs we are renting, but anyway, taxes are due because we have no longer the interest of home for deduction... and now we are in limbo as to we will owe taxes on about $41K or whatever

gfbsnotary · Mar 17, 2011, 10:13 AM

Hello again... I just called Chase, got the run around ( of course) nobody knows nothing, except the last guy I spoke to said, if I did not receive a 1099C now, I probably would not, which would mean they "Chase" would try to get the money balances ( $ 118K )?? How when we have nothing? NOW what do we do??