What is Mortgages and Foreclosures
This community is for concerns, problems, and challenges relating to mortgages and foreclosures. The significant downturn in the housing market, including the widespread drop in ho...
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bank wants to 1099?
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I was going through a life and financial crisis and to make a long story short had to either forclose or go for the deed in lieu. after many letters and conversations with the bank they accepted the deen in lieu- papers were signed and I thought that was the end.I called the bank to see if there was anything else I should do and they said no just wait for the 1099 next year.The bank is now selling the house for 100,000 less than what I owed and an accountant friend told me that if the bank sells at that price that the 100,000 is now considered income to me and I have to pay taxes on it all ( even though I never got a dime) I need advice - Is this true ? even if I had a deed in lieu? what should I do?
Posted on 08/31/09, 11:08 pm |
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