Debt Relief Mortgage
Foreclosure and Mortgage Relief Act Question?
My home foreclosed on 10/31/07 in Phoenix, AZ. I moved out of my home a week before the foreclosure date. I received a 1099-A form for Abandoment of Property. I owe $70K+ in taxes due to this! Am I still eligible for the Mortgage Relief Act? I read up on it and it only references 1099-C which is a Cancellation of Debt. I understand that I have to file Form 982 with my tax return, but am I still eligible to do so? How is this going to affect me. Did I hurt myself by moving out rather than being kicked out of my home a week before my foreclosure date? What should I expect to prepare myself for this debt. Can I claim bankruptcy if I’m not eligible for the Relief Act? I owe more in taxes than I grossed last year! Help!!
It’s too important of a question to trust to a Yahoo answer. Check with a bankruptcy attorney or tax attorney. If you do it right you should be fine.
Good luck,
Brian
Rep Levin’s Statement on Mortgage Forgiveness Debt Relief
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