Tax consequenses on deed in lieu

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Permalink Reply by Bobbi Miller on May 11, 2012 at 4:41pm

Thanks for the reply.  I heard that the only way to aviod a 1099 is if you have a low credit score (which I do now in 500's) and declare hardship.  I am on social security disab. for 9 herniated discs and I get $174  per month for my pension.  This should qualify me as a hardship.  The bank is sending me the docs.  I will have to read them very carefully before I sign them.   Thanks for the info.

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Permalink Reply by Bobbi Miller on May 12, 2012 at 8:02am

Hello Spanky,

 

I totally agree.  I don't trust the bank.  I will contact an accountant or atty to find out the real truth.  And I think the same might apply in a short sale.  Either way, I will lose the argument.  Thanks for all your advise.   Bobbi

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Permalink Reply by Bobbi Miller on May 12, 2012 at 9:32am

The attorney for the bank is Marshall Watson, a foreclosure mill atty, and they are very aggressive.  They scheduled a hearing for next friday, May 18, for final foreclosure.  I cannot afford an atty.  I have sent the judge copies of all my docs to show it is fraud. So I have to wait and see what will happen.  I am in NY and the home is in Fl.  I have health issues and cannot leave here to go to court.  I have requested that we do this by phone the day of the hearing, but no reply yet to my request.  MERS is in the middle of this too.  Watson atty has already been fined 2 million for their dirty deeds.  I am fighting the best that I can. Thanks.

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