What are the thoughts of the members on this site in regards to 1099c and deficiency?
My CPA seems to believe that if the lender issues a 1099c, they can not pursue a deficiency, at least in Florida.
Anyone have an real world examples?
Tags:
Something to watch out for: 1099A and 1099C are not the same
1099C is the good one
1099A is the bad one
My friend has received a 1099A and is now being sued for deficiency by the lender. This is 2 years after foreclosure, this is in Lee country, Florida.
Docket Lines | ||
---|---|---|
Docket Date | Docket Text |
10/6/2008 | Motion for Default and Default (Issued) |
10/6/2008 | Motion for Default and Default (Issued) |
10/17/2008 | Final Disposition Form |
10/17/2008 | Final Judgment |
10/17/2008 | Notice of Sale Issued, Copy to News-Press |
11/6/2008 | Affidavit of Publication of Notice of Sale |
11/19/2008 | Foreclosure Sale Time - 11:00 |
11/19/2008 | Bid Sheet |
11/19/2008 | Certificate of Sale Issued |
12/2/2008 | Certificate of Title Time - 14:00 |
12/2/2008 | Certificate of Disbursements Issued |
12/2/2008 | Certificate of Title Issued |
7/16/2010 | Motion for Deficiency Judgment |
8/9/2010 | Response to Motion |
8/9/2010 | Notice of Limited Appearance |
8/11/2010 | Response to Motion |
3/7/2011 | Notice of Hearing 4-1-11 at 8:30am |
Can someone please help me on my question please,
I have completed short sale in Nov 2010, I had first (never refinance) and HELOC with BOA. During short sale closing I agree to Promissory note of 14K for 6 years. On short sale apporval letter BOA stated they are waiving right of Deficiency adn will issue 1099 C.
Until now I havn't receive 1099 C, then called BOA few weeks back, One of the senior representative in short sale department told me that they are not issuing me 1099 C because i have signed promissory note and also my Short sale won't be reported to IRS. Can anyone help me here to undertand, is it ture ?
I am in CA
thanks
Good morning,
I had a customer with the exact same time frame and situation. After going farther up the chain at BOA a 1099C was issued. You need to get out of the short sale department and talk to the department that issues the 1099C. The short sale department isn't going to help you. We had a client who closed on December 30, 2010. The 1099C never came. She ended up tallking to the department that issues the 1099C and they said they were getting ready to issue, she received her 1099C within a week. They should be issuing a 1099C for the amount of the principal balance at the time of closing minus any promissory note you signed. Call customer service and tell them you want to speak to the department that issues the 1099C. They will tell you the short sale department since you had a short sale, but this is not correct. If you can't get any resolve call the Executive Offices at BOA and your problem will be solved by the end of the day I'm sure of it. If I can help you anymore just write me back. Thanks,
Hi Laura,
Thanks a lot for reply my post, Can you please kindly send me the phone number if you have one, I need to call for executive office, I don't where to start, thanks again ,
Bal
Laura A. VanHise said:
Good morning,
I had a customer with the exact same time frame and situation. After going farther up the chain at BOA a 1099C was issued. You need to get out of the short sale department and talk to the department that issues the 1099C. The short sale department isn't going to help you. We had a client who closed on December 30, 2010. The 1099C never came. She ended up tallking to the department that issues the 1099C and they said they were getting ready to issue, she received her 1099C within a week. They should be issuing a 1099C for the amount of the principal balance at the time of closing minus any promissory note you signed. Call customer service and tell them you want to speak to the department that issues the 1099C. They will tell you the short sale department since you had a short sale, but this is not correct. If you can't get any resolve call the Executive Offices at BOA and your problem will be solved by the end of the day I'm sure of it. If I can help you anymore just write me back. Thanks,
Here is the executive office number for Bank of America. Also try calling the Customer Service Department and tell them you need to talk to who prepares 1099C. Please remember the short sale department has nothing to do with this. They tried referring my seller there also but ended up with the department that prepares the interest statements and 1099C.
Bank Of America Executive Customer Relations General 704-386-5687.
bal singh said:
Hi Laura,
Thanks a lot for reply my post, Can you please kindly send me the phone number if you have one, I need to call for executive office, I don't where to start, thanks again ,
Bal
Laura A. VanHise said:Good morning,
I had a customer with the exact same time frame and situation. After going farther up the chain at BOA a 1099C was issued. You need to get out of the short sale department and talk to the department that issues the 1099C. The short sale department isn't going to help you. We had a client who closed on December 30, 2010. The 1099C never came. She ended up tallking to the department that issues the 1099C and they said they were getting ready to issue, she received her 1099C within a week. They should be issuing a 1099C for the amount of the principal balance at the time of closing minus any promissory note you signed. Call customer service and tell them you want to speak to the department that issues the 1099C. They will tell you the short sale department since you had a short sale, but this is not correct. If you can't get any resolve call the Executive Offices at BOA and your problem will be solved by the end of the day I'm sure of it. If I can help you anymore just write me back. Thanks,
http://www.parkertaxpublishing.com/public/Form_1099C_Dissolve_Debt_...
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