received 1099-A from bank and now being harressed by collection agency

[justbroke]

I agree. It is time to stop the bleeding. I was so saddened to learn that in 2009 the debtor owned their home free and clear, and now lost a $180K to foreclosure and still owes a deficiency.

[IBroke]

unfortunately, they have a right to collect this money if it wasn't included in the bk. while they cannot harass you, they can call and bother you.

True - unless (as I mentioned before), the OP sends them a cease and desist letter, telling them to stop calling. After all, it is a CA (not the OC) that is trying to get the money so they have to obey the FDCPA - even if the debt wasn't IIB.

[frogger]

Lets talk about a debt being "written off". Do not forget that this is only an accounting move. Just because a debt may be written off does not mean it is not collectable. Written off only means that it was charged off against profits. If collected after being written off it is brought back in as 100 percent profit.

[LadyInTheRed]

Lets talk about a debt being "written off". Do not forget that this is only an accounting move. Just because a debt may be written off does not mean it is not collectable. Written off only means that it was charged off against profits. If collected after being written off it is brought back in as 100 percent profit.

As opposed to a debt being "forgiven" in which case the creditor issues a 1099-C. Once a creditor issues a 1099-C it cannot collect the debt. Mortgage companies often issue 1099-C's after foreclosure when there is a deficiency they do not intend to pursue.

[tobee43]

bottom line, it's always easier to list it all on one's petition and have it discharged. if you end up working out something with a creditor that's ok, but by listing it, one never has to be obligated again. this situation is sad.

[tobee43]

Of course it's fine to disagree as long as it's done in an agreeable manner.


LOL!! why of course my lady LOL!! of course.



If this were the only debt, I'd agree that settlement might be a good option. In this situation, I think BK is a much better option to deal with the deficiency and the OP's other debt. $4500 can pay for a Chap 7 two or three times.

The OP has already lost a home she once owned outright while trying to avoid BK. I think it's time to stop the bleeding.

yes, it is indeed.

[frogger]

bottom line, it's always easier to list i all on one's petition and have it discharged. if you end up working out something with a creditor that's ok, but by listing it one never has to be obligated again. this situation is sad.

Indeed. I see so many cases where debt was not listed in the Chapter 13 cases that is just waiting to rear their ugly head just as soon as the debtor discharges. As always, everything needs to be listed, down to the kitchen sink. Always list everybody and everything that could claim that you owe money. Let the court sort 'em out.

[tobee43]

frogger, you are so correct. we listed everyone and their mother and THEIR mother's mother. didn't care and didn't have amounts to claim on many. i just wanted them on our petition, just in case. and that just in case, does like you said have a tendency to rear their ugly heads down the road when one least expects it.

this is especially important for those in "recourse" states!