Posted on: 27th Feb, 2012 02:45 am
Hi… I need to clarify this!! I had a mortgage with Chase which went into short sale. The new buyer paid $142,500 and they cancelled $20k of the debt. When I received the 1099c form, they put FMV of $185k which was what I bought it for. Shouldn't the FMV on the 1099-C be $142,500?
Hi Maria,
The FMV will mention the amount which the lender can try to get when he sells off the property at a normal situation. After your property estimation, the lender may have received the amount of $185k as the FMV. But as the property was short sold, it was sold off for only $142,500. As far as I can understand, the lender has stated the right amount as your FMV.
Take care
The FMV will mention the amount which the lender can try to get when he sells off the property at a normal situation. After your property estimation, the lender may have received the amount of $185k as the FMV. But as the property was short sold, it was sold off for only $142,500. As far as I can understand, the lender has stated the right amount as your FMV.
Take care
Hi Maria!
Welcome to forums!
I agree with your lender as well as Sara. Your lender is right in mentioning the FMV as $185k as it might have been the amount which the lender might have received if he sold it off in normal situation.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with your lender as well as Sara. Your lender is right in mentioning the FMV as $185k as it might have been the amount which the lender might have received if he sold it off in normal situation.
Feel free to ask if you've further queries.
Sussane