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I had house I had to walk away from in September 2008. This house was extremely upside down. I had first mortgage at 308,000 and a second at 50,000. In December 2008, I did receive a form that said the house was worth only 192,000. It was not a 1099C. I never received anymore coorespondence. I did not include this on any tax return. I am concerned that at some point the IRS may audit me. What should I do? Just this year I received a letter from a company saying i owed taxes to the mortgage company for back taxes. The house has been purchased by someone else. Wouldn't they have to cover back taxes before purchasing?

You will receive the 1099c form if the deficient balance resulting from the foreclosure sale had been forgiven by the lender. If the lender did not forgive the deficient balance, then you won't receive the form. Rather, you will be liable for paying the deficient balance to the lender.

Sub: #1 posted on Tue, 01/04/2011 - 22:04

Anna Sweeting Anna Sweeting

(Posts: 1827 | Credits: )

you need not to worry just show them your purchasing date and paper and ask them to deal with you as a new owner and it is not your concern to pay the old tax that was due on that house .

Sub: #2 posted on Thu, 01/06/2011 - 05:17

Abels James Abels James

(Posts: 2 | Credits: )

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