The 1099 should be for the total amount forgiven but you will also get a 1099 from the escrow for the sale amount, this is standard procedure but you should talk to your tax accountant for further advice. Why did you sign a promissory note?
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I would contact your agent and ask him if he correctly did the paperwork, see if they can assist you. If not, then I would contact a lawyer or a reputable credit repair company. These will obvioulsy cost you money.... more
NOOOOoooo!!!!!! First of all, contact your lender and try to negotiate yourself. If you DO decide to use a company, read all paperwork carefully...there are a lot of scams going on right now. Make sure you are not signing over a deed to your home.
Also...you may qualify under the new Housing Recovery Act that takes place 10/1....where the gov't is encouraging lenders to renegotiate mortgages and help keep homeowners in their home. Call me Monday and I will explain....925-824-4877...or look up this new legislation online.... more