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How Do We Handle a 1099-C After a Bitter Divorce?

Question: Dear Steve, I know you’ve sort of covered this question before. My ex-husband and I recently received a 1099 C after a short sale. The short sale occurred because he wouldn’t cooperate with selling the property. The property was our primary residence. However, I now live in Virginia, and he lives in Maryland. He …

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The Lender Agreed to a Short Sale But Nobody Wants to Buy It. – Hal

“Dear Steve, We have a underwater mortgage that is approximately $100,000 in excess of the value of our home. We have been trying to get the principal reduced and now have the offer listed in the “question’s section” We have underwater mortgage that was transferred from Bank of America to SPS and they have offered …

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I Lost My Job. How Do I Unload My Vacant Home. – Peter

“Dear Steve, I have a first mortgage (about $210-220K) with PNC Mortgage and a second/line of credit with PNC Bank ($65K) on my apartment in Washington, DC. I lost my job in 2010 and moved to Illinois to help care for my elderly parents (I’m in my mid 50’s), I am behind on both payments …

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I’m Going for a Short Sale. I’ve Jumped Off My Fiscal Cliff. – Linda

“Dear Steve, I very unexpectedly have been out of work for eight months now. I am unable to make the mortgage payments on a house with interest rate of 6.625%. The mortgage company, a very large Federal Credit Union has refused to refinance–per their VP, they never benefited from TARP and are not required to …

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Short Sale on My Home With Two Mortgages Shows Two Different Dates. – Sunny

“Dear Steve, Short sale of home which had 2 mortgages, credit report shows different dates. Closing date for the Short sale was 12/09, 2nd released mortgage on 01/10 but the 1st release mortgage shows 05/10. After further review of Court documents the dates match with the Release filing the 2 banks completed. Now I’m trying …

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What is the Best Way to Stay in Our Home; Foreclosure or Short Sale? – Marc

“Dear Andy, We (my wife and I) have been in our home for 7 years. We are current on our payments on both our first Loan of +/- $370k (5 year ARM tied to LIBOR) and our Second loan of +/- $75k with Citibank. We paid $499k for our home with only $15k down. Our …

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Forgiven Debt from Mortgages May Soon be Taxed Again as Income Unless Congress Acts

by Lois Beckett ProPublica You bought your house when the market was high and then lost your job. In order to avoid foreclosure, you negotiated a short sale for half of what you paid, ruining your credit rating for years and draining your bank account. But there is a tiny silver lining: Thanks to a …

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We Are Trying to Buy a House With a Short Sale But It’s Going Nowhere. – Joy

“Dear Andy, We are buyers. We have placed more than two offers on a short sale. First time, we were apparently out-bidded. Second, house was taken off market, then placed on active status and our #2 offer was put through with the Sellers paperwork to the bank. It was “accepted”. Offer made in October of …

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