Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Mortgages, Refinancing & Foreclosure
Reload this Page 1099-A Abandonment of Foreclosed Property

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 02-02-2009, 10:59 PM
Junior Member
  
Join Date: Feb 2009
Posts: 2
Question

1099-A Abandonment of Foreclosed Property

What is the name of your state (only U.S. law)? CA
My home was foreclosed on last year. I received a 1099-A today indicating bal of principal outstanding of $240k and FMV of $182,750.

I'm confused why the lender checkmarked box 5 that I am "NOT" personally lable for repayment of the debt. What does that mean?

Based on their checkmarking box 5 "NO", I'm not sure if I'm liable for $57k, $182,750 or $239k?

I actually had a 2nd mortgage on that same house, and haven't received anything from the send lender yet (1099-A) - I think they still think I own the property because they keep calling me!

Help?What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
  #2  
Old 02-03-2009, 04:02 PM
Senior Member
  
Join Date: Jan 2005
Posts: 21,726
Quote:
Originally Posted by Indaygo View Post

I actually had a 2nd mortgage on that same house, and haven't received anything from the send lender yet (1099-A) - I think they still think I own the property because they keep calling me!
Yeah! Because why should YOU take responsibility for your own obligations?!? Let the bank eat it!
__________________
*
*
The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision.

Communication is KEY - 10 mins of talking now can save you months of headaches later!

Masterfully stating the obvious to the oblivious! (Thanks SP!)

Tell it like it is! When all else fails, make up a statistic!

Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to)
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 04:59 PM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.