Posted on: 11th Aug, 2010 11:01 am
My daughter received a 1099A as a result of a house mortgage they had and had to abandon the house because the market value was much lower than the mortgage owed and no way could they get from under it.
Now they received a 1099A. I don't have the exact figures, but as I recall she said the deffiency is $180,000 or more. They did not reside on the house a full 2 years, they were about 2 months short of the 2 years. When they were forced to abandon the house/mortgage, they were living on a different home.
Now, what are the consequences of the 1099A?
Thank you!
Joe
Now they received a 1099A. I don't have the exact figures, but as I recall she said the deffiency is $180,000 or more. They did not reside on the house a full 2 years, they were about 2 months short of the 2 years. When they were forced to abandon the house/mortgage, they were living on a different home.
Now, what are the consequences of the 1099A?
Thank you!
Joe
Hi Chiefjoseph!
Welcome to forums!
Your daughter needs to check out whether or not the deficiency had been forgiven by the lender. If the deficiency has not been forgiven by the lender, then she will be liable to pay it off or else the lender will charge off the loan and assign it to a collection agency.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your daughter needs to check out whether or not the deficiency had been forgiven by the lender. If the deficiency has not been forgiven by the lender, then she will be liable to pay it off or else the lender will charge off the loan and assign it to a collection agency.
Feel free to ask if you've further queries.
Sussane