My question involves a mortgage in the state of: CALIFORNIA
I had a home that was foreclosed and was sent a 1099 on the 2nd loan.
1- I understand that the statute of limitations in CA expires 4 years from the last payment date which was some time in 2008. I fear if I file the 1099 on my tax return, this would be an acknowledgement of the loan and from what I heard, it would "reset" the statute of limitations on this loan?
2- Same question above, If I file the 1099 on my taxes, will this reset the 7 year Credit Reporting date (FCRA)?
3- I also have the homeowner's association filing a lawsuit to collect their money. The last payment was in 2007 and wanted to know, hasn't the statute of limitations expired on this according to California law? On what grounds can they still be suing?