1099-C almost 3 years after discharge

[dp1969]

On 1/22/2008 we filed for Ch.7 and included our CC debt and surrendered our house. At the time of the filing, we had a 1st mortgage with National City and the 2nd with GMAC. We were never late on any of the payments up to the filing and only after, did we stop paying. Went through our proceedings and on 4/22/08 we were officially discharged. On 10/09/2009, I received a letter from Specialized Loan Servicing, LLC. stating that our mortgage loan with GMAC was assigned, sold or transferred to SLS on 10/1/2009 (over a year from the discharge). The letter then stated the debt information...what we had defaulted on and appeared they were asking for a payment. I called the recovery dept at SLS and was told there was no record of the BK and they would need a copy of the discharge. Flabbergasted, I called my lawyer and explained the problem and he said his office would sent a copy of the discharge. I heard nothing up to yesterday went we received a 1099-C from SLS with the amount of debt canceled and showing the date of cancelation as 12/28/10. In Box 6, there was a place for Bankruptcy and it was NOT checked. Now, Im concerned. We never received a 1099-C from National City for the first mortgage and wondering why we are getting this one. I'm going to call my lawyer tomorrow but anyone have incite into what I'm looking at. Could it be possible that SLS is not accepting the BK even though is was filed with the original loan holder (GMAC) and was transferred over a year after discharge?

Im concerned about this...we are not paying the taxes on this. It clearly states that some cancelled debts are not included in your income due to BK.

HELP????

[helpmeout]

All you have to do is complete a form 982 with your tax return. You can print this form out from the IRS website.

[tcreegan]

Hi dp1969,

Looks to me that GMAC pulled a fast one on SLS, sold them a discharged debt, convenietly forgetting to tell them about the BK. Nice job GMAC!

Check your credit reports to make sure SLS hasn't reported anything.

Tom in Colo

[dp1969]

Hi dp1969,

Looks to me that GMAC pulled a fast one on SLS, sold them a discharged debt, convenietly forgetting to tell them about the BK. Nice job GMAC!

Check your credit reports to make sure SLS hasn't reported anything.



Tom in Colo

Hey Tom,

Tell me about it! GMAC was a sham to begin with. Our 1st mortgage agreed to "work with us" but GMAC said NO WAY...so we threw a BK at them...then they "payed it forward" to SLS. NICE JOB GMAC! Called SLS this morning and they looked into the loan and found there was no lien, so they closed out the account on 12/28/2010. We've had our report pulled and nothing has shown up (THANK GOODNESS). Now, I'm forwarding everything to my lawyer and then on to the accountant. Now that I know about the 982 I feel better. Just when you think the BK is behind you... Oh well, we are much better off today than 3 years ago!