Will I get a 1099-c or not, should I ask the bank?

[ilzhoefer]

Hello:

Has anyone ever asked the bank if they would issue a 1099-c?

I had a foreclosure and am unsure if I will get a 1099-c or not, as the short sale did not go thorugh in time.

I doubt the bank will pursure a deficiency, but I would like to know if anyone has everyaskedthebankiftheywouldissue one?

[Anonymous]

Personally, I wouldn't ask them if they are sending one.

[ilzhoefer]

Well, I would agree, but I would hate to receive a deficiency judgment 5 years later, without knowing.

[Anonymous]

True.

I would rather have the 1099 and pay taxes on that than a judgment.

I only said don't ask because you said you doubted they would pursue it.

[ilzhoefer]

I guess my question should be, after a foreclosure, they will either send me a 1099-a or a 1099-c? Right?

[Anonymous]

If it was a rental property you could get both.

[ilzhoefer]

Primary residence, with one mortgage. ss didn't go through.

[Anonymous]

Yes, they could send one or the other then.

I am not as familiar with the 1099-A as I am with the C.

[ktl72455]

I have this question as well. My reports show a balance only on EX and TU and EQ show a 0.00 balance. If they sent out a 1099-c wouldnt all the blances be 0.00?

I have not questioned mine becuase if its a sleeping bear, I plan to let it sleep for now!  One report shows Forclosure Proceedings started, one shows redeemed and the other shows Fannie Mae Forclosure.   2016 cant get here fast enough lol!!  Balance is 86,000.00 but they resold the property long ago.

[Anonymous]

There would only be a 1099-C if the balance of the forgiven debt was $600 or more.

The 0 balance indicates they sold the debt to another.