Second mortgage tax liability
Date: Tue, 11/13/2012 - 07:52
Im from california, My house foreclosed in 2010, my second mortgage is with Real time resolution inc. now from Bank of America. I checked my credit report and it still shows open. How can I make sure that I do not have tax obligations and the status in my credit report will state as closed? Thank you guys in advance.
Answer a few questions first. Have you paid off the second
Answer a few questions first.
Have you paid off the second mortgage?
Have you paid off the first mortgage only?
Did the lender forgive the deficient balance on the first mortgage?
If the second mortgage has not yet been paid off, then it will remain on your credit report as "open". Your second mortgage has turned into an unsecured debt. You need to pay it off.
Call BofA and have a talk with them. You would get a 1099c only
Call BofA and have a talk with them. You would get a 1099c only if the debt (or a part of it) has been forgiven by the lender.
