Results 1 to 4 of 4
  1. #1
    Join Date
    Mar 2011
    Posts
    2

    Exclamation I Never Received a 1099 After My Foreclosure

    My question involves a foreclosure in the State of: New York.

    An investment property of mine unfortunately foreclosed in October 2007 after I became behind on payments. It was an 80/20 and the second mortgage was sold to a collection agency. I know I am still liable for the second mortgage, but I never received a 1099 for the first after the auction? What does this mean, and what do I do? Is it possible that the bank reported this to the IRS and not me?? How do I proceed?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: I Never Received a 1099 After My Foreclosure

    If you did not get a 1099, it most likely means that the creditor has not yet written off the debt.

  3. #3
    Join Date
    Sep 2010
    Posts
    19,846

    Default Re: I Never Received a 1099 After My Foreclosure

    The 1099C means they wrote off the debt. Someone might send you a 1099A to report the sale. You don't have a taxable issue for the debt cancellation until the lender abandons their recourse. The foreclosure sale itself usually will not incur any tax liability immediately (except in the case you actually had a capital gain, but that's unlikely in a personal residence unless you refi'd it after it appreciated to "take money out.").

  4. #4
    Join Date
    Mar 2011
    Posts
    2

    Default Re: I Never Received a 1099 After My Foreclosure

    The house was not actually sold until Dec 2009 by auction. The creditor had 90days to obtain a deficiency judgement (New York), in which they did not. I should have received a 1099 in 2010, and I did not. Nothing this year, 2011, either. I am still in limbo.. My lender was BNC Mortgage (Lehman Brothers). Lehman Brothers filed bankruptcy. Could this be the reason? They were crooks,, long story, but they were the reason I became behind on my payments anyway.

    1. Sponsored Links
       

Similar Threads

  1. Foreclosure: Tax Filing and Foreclosure when You Have Not Received Form 1099-a or 1099-C
    By unHandme in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 02-05-2011, 02:22 PM
  2. Foreclosure: I Received a 1099-A Instead of a 1099-C
    By Pleasehelp in forum Buying, Selling and Conveying Real Estate
    Replies: 4
    Last Post: 03-19-2010, 05:35 PM
  3. Foreclosure: Received Both a 1099-A and 1099-C
    By ballmich in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 03-15-2010, 03:57 PM
  4. Chapter 7: Received 1099-A After a Foreclosure and Chapter 7 Bankruptcy
    By kwilliams12 in forum Bankruptcy Law
    Replies: 1
    Last Post: 03-27-2009, 05:46 PM
  5. 1099 Received for W2 Income
    By dublin in forum Tax Law
    Replies: 3
    Last Post: 03-12-2009, 07:41 PM
 
 
Sponsored Links

Legal Help, Information and Resources