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  1. #1
    Join Date
    Jan 2009
    Posts
    5

    Default 80/20 foreclosure with mortgage relief forgiveness act?

    state : Florida

    Loan 80/20

    Primary residence :: 4 months behind

    I am in the foreclosure process now. I haven't made a payment in 4 months and I am upsidedown on my mortgage ($100000). I have spoke with a lawyer and he said that I should file chapter 7 bk to avoid a def. Judgement or tax implications. I would like to do that as a last resort because I am a photographer and I have a lot of assets. My question is, is there any other options here in the sunshine state? I was thinking about the 1099-c. If I got them from both loans could and would I qualify for the morgage relief forgivness act? I have looked at the IRS and I'm not sure if both my loans would qualify? (mainly the heloc 20%) it is my primary residence and I bought the house with the same two loans and I didn't refinace? Also is there anway to make sure I get a 1099 on both if this is a way out (to avoid bk?) and what type of lawyer would you suggest I contact? Thanks so much!

  2. #2
    Join Date
    Apr 2009
    Posts
    12

    Default Re: 80/20 foreclosure with mortgage relief forgiveness act?

    Here are some attys who may help forestall the foreclosure process long enough to give you leverage with the motgage co.
    Richard G. Salzmann, P.A. 4340 Sheridan Street, Suite 102 Hollywood, FL 33021 Contact: Richard Salzman Phone # 954-981-0336 Hours 9am to 7pm Fax # 954-981-0337 Email: Richard@salzmanattorney.com Counties Serviced: Broward, Palm Beach, Miami-Dade Torrens Law Firm, LLC 8045 NW 155th Street Miami Lakes, FL 33016 Contact: Aileen Torrens Phone #305-364-4848 Hours 9am to 5pm After Hours #786-546-4605 Hours 5-9 pm Fax #305-356-7167 Email: Aileen@torrenslaw.com Counties Served: Miami-Dade, Broward, Monroe Florida Foreclosure & Credit Defense Firm P.L. 13575 58th Street North Suite 140 Clearwater FL 33760 Contact Lee Segal Phone # 727-824-5775 Hours 9am to 5pm After hours # 727-214-4771 hours 5-9 pm Fax# 877-636-7408 Email: Lee@ffcdf.com Counties Served: Sarasota, Manatee, Charlotte, Lee, Hillsborough, Pinellas, Hernando, Pasco, Polk

  3. #3
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: In the Foreclosure Process

    You will be fine as far as the IRS is concerned. If you do get a 1099-C or A just file a form 982 so you will not have to pay taxes on it.

    Here is a link to the law;

    http://turbotax.intuit.com/tax-tools...ship/5512.html

  4. #4
    Join Date
    Jan 2009
    Posts
    5

    Default Re: In the Foreclosure Process

    So then is there anyway to make sure I get 1099-c from both my loans? And not a def. Jud.?

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