Tag Archives: Deficiency
Can Filing Bankruptcy Protect Me From A 1099-C Tax Obligation?
We received another great listener question. The simple answer is yes, filing bankruptcy before a foreclosure sale or short sale will protect you from a subsequent 1099-C assuming the bank waives any deficiency. Before we get there, however, some background: When someone gets foreclosed or completes a short sale, there are one of three… Read More »
What Foreclosure Laws Did We Lose In 2017?
December 31, 2016, marked the end of many programs designed to help people in foreclosure: HAMP (Home Affordable Modification Program), HAFA (Home Affordable Foreclosure Alternatives), HARP (Home Affordable Refinance Program) and MDRA (Mortgage Debt Relief Act). What did we lose and what are the alternatives now that they’re gone? HAMP provided loan modification incentives… Read More »
Mortgage Deficiency, 1099 & Mortgage Insurance
The Mortgage Debt Relief Act seems to be gone for good. I’ve heard no news that Congress chose to keep it beyond December 31, 2016. What impact does this have on a homeowner who chooses to do a short sale, a deed in lieu of foreclosure, or loses the house in foreclosure? Typically the… Read More »
