as i understand it, if you walk away from your mortgage, you get an IRS form for the forgiven amount...
has there been a recent change to this rule?
has there been a recent change to this rule?
-
"it looks like i picked a bad day to give up sniffing glue"! [McKroskey, airplane] -
You don't necessarily get a 1099c, but you could. This is only if there's a efficiency.Originally posted by floridian View Post
If you are insolvent, then the IRS doesn't require you to treat it as income and to pay taxes on it. There are basically several reasons you won't have to pay, and one of them is Bankruptcy; another is insolvency.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt. -
before the land boom, i had 20k equity in the place... now probably nothing... if they repoe it, i will probably be deficient 20 grand or more...
im going to see a new lawyer that told me brieflly, that im judgement proof and i have other options than bk...
im just wondering what he plans on doing about my house situation.....
how long does a house forclosure stay on your record?"it looks like i picked a bad day to give up sniffing glue"! [McKroskey, airplane]Comment
-
Please let me know what your lawyer tells your options are instead of BK on the deficiency.
My house is scheduled for the sheriff's sale on January 7, 2009. I stopped paying our mortgage in August. The house is in Michigan and we do not live in it. We live in GA now.
It took us around 5 months, but i think it is faster maybe because the house is vacant. I know if differs from state to state how long it takes.
Hope this helps.Comment
Bankruptcy Wizard
Comment