Currently viewing the category: "Foreclosure"

Instructions for Handling the 1099-a and 1099-c After Foreclosure

On February 10, 2012 By

Handling the Different IRS Forms 1099-a and 1099-c

Did Your Mortgage Lender Send You a 1099-A and 1099-C? Wondering what the difference is between the two and need some instructions for handling these forms? Let’s dig into some of the issues your are facing.

The 1099-A

Mortgage lenders use IRS Form 1099-A to inform the [...]

Continue Reading →

7th Straight Month of Home Price Decline in Denver!

On April 26, 2011 By

Home prices in Denver fell for the 7th straight month based on new data from Standard & Poor’s Case Shiller Home Price Index. Denver home prices peaked in June, 2010, along with most major metropolitan areas, as the home buyer tax credit expired.

Foreclosures in Colorado have been leveling off but data from ForeclosureS.com indicates [...]

Continue Reading →

Should I Fight Foreclosue at the Colorado Rule 120 Hearing?

On March 23, 2011 By

Question:

Is there any value to filing a response to Rule 120 hearing? We are in arrears on our Mortgage and waiting for Bank of America modification. Short story: did forbearance 6 months (made all payments); received modification in January 2010; signed it (made 4 payments); Bank of America now says it wasn’t valid because [...]

Continue Reading →

Now What, I Received a 1099-A on Investment Property After Foreclosure and Bankruptcy?

On March 14, 2011 By

Question

I surrendered a rental property in 2010 in a bankruptcy which was successfully discharged and later received a 1099-A for it. My CPA insists that because it is a ‘recourse property’ and not my primary residence, I am still liable for the taxes. I even showed him your articles about receiving a 1099-A after [...]

Continue Reading →

IRS Form 1099-A and 1099-C After Bankruptcy, What Do I Do?

On February 6, 2011 By

I have written on this topic before (here), but with tax time approaching and 2010 being a near record year for bankruptcy and foreclosure, it is time to re-visit the tax reporting and implications related to mortgage debt after bankruptcy.

Let’s set the stage: you (the debtor) received a bankruptcy discharge in 2010 [...]

Continue Reading →

Should I File Bankruptcy Over a Foreclosure Deficiency?

On December 9, 2010 By

Question:

We live in Colorado. Our home got foreclosed on in August 2010. We owed $295,000, and now because of lawyer’s fees the debt is $322,000. The home is now on the market for $180,000. We are very concerned that we will have a judgment against us for the deficient amount and that we will [...]

Continue Reading →

Can Bankruptcy Protect Against Foreclosure Deficiency Judgement?

On November 5, 2010 By

Question:

I am retired and have a debt load. However, I am more concerned about a condo I have that is in foreclosure. It was my principal residence before I retired. I put $14,000 into it to put it on the market, but I have been unsuccessful in trying to short sale it. I [...]

Continue Reading →

Nationwide Inquiry Into Fraudulent Foreclosure Practices Underway.

On October 13, 2010 By

The Attorneys General of all 50 states announced a coordinated inquiry and investigation into the foreclosure practices of the major mortgage lending banks. (so says the Washington Post). This announcement comes on the heels of announcements from Bank of America, JP Morgan-Chase, Ally, and other major mortgage lenders placing a moratorium on foreclosure [...]

Continue Reading →

Does Bankruptcy Stop Foreclosure (yes and no)?

On September 24, 2010 By

Question:

If foreclosure proceedings have started, does filing bankruptcy stop it?

Answer:

Bankruptcy stops foreclosure temporarily. The real issue is whether the homeowner can afford the home, or more accurately, afford the mortgage? A chapter 7 bankruptcy stops a foreclosure temporarily. There is no mechanism in chapter 7 bankruptcy to force the [...]

Continue Reading →

How Long Can I Stay In My Home If Surrendering It In Chapter 13 Bankruptcy?

On September 1, 2010 By

Question:

I filed chapter 13 bankruptcy but am surrendering the house, how long can I stay in the house?

Answer:

Regardless of the chapter 13 bankruptcy your mortgage lender will need to go through the foreclosure process to take possession of the house. While a chapter 13 bankruptcy is pending, the lender cannot [...]

Continue Reading →

@TheBKSensei

Search for Bankruptcy Answers

Need Help? Search Bankruptcy Sensei for Your Answer: