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I received a 1099-C or a 1098…Now What? (VIDEO)


When a mortgage lender cancels or forgives a debt, as is often the case with a short sale or foreclosure, the “forgiven” amount of that loan is reported on a Form 1099-C which is sent to the borrower.  Absent legal safeguards such as a state’s anti-deficiency statute, or the Mortgage Forgiveness Debt Relief Act, the […]

Jury: Ex-IndyMac Execs Must Pay $169 Million for Negligent Loans + MORE

Three former IndyMac Bancorp Inc. executives must pay $169 million in damages to federal regulators for making negligent loans to homebuilders as the real estate market was deteriorating, a jury decided. The federal court jury in Los Angeles issued the verdict against Scott Van Dellen, the former chief executive officer of IndyMac’s Homebuilder Division; Richard […]

First-time homebuyers struggling amid recovering market + MORE

Some interesting first-time home buyer and mortgage settlement news from around the country. Be sure to read the mortgage settlement article, as it talks about how state legislators are going after lenders to make it more difficult for them to foreclose on homeowners.   First-time homebuyers struggling amid recovering market – implode-explode.com South Florida’s housing […]

Depression Feeling Dealing with Real Estate Foreclosure + MORE

More foreclosure news from around the nation. In the first article, you’ll find seven smart ways to bolster your mental, emotional and physical health when dealing with a home foreclosure situation. In the second article, we find mortgage regulators and elected officials battling it out to each get their way. Continue reading: Foreclosure Feeling Dealing […]