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    Full Credit Bid Foreclosure, Received 1099-c

    Do you mean the waiver of tax by the extension of the Mortgage Debt Forgiveness Relief Act? (not intending to be pedantic on the wording but there is a primary residence exclusion in the capital gains part) If so, basically a non-issue as long as you used it as a primary home and the...
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    Full Credit Bid Foreclosure, Received 1099-c

    Download IRS publication 4681, which deals with this issue. There is a worksheet in it which deals with the forgiven debt vs. FMV. This is a less than direct answer because there can be special circumstances which apply and are discussed in that publication. If you are just a homeowner, no...
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    Foreclosure In 2014; Just Received Debt Collection Letter And 1099-c - Both?!

    Don't worry about the line you mentioned: the court merely is retaining jurisdiction and has not precluded a deficiency. The plaintiff must file for a hearing, however, as I mentioned, they may use the loophole and not notify you. Watch the county website for the court docket. Also, as I...
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    Foreclosure In 2014; Just Received Debt Collection Letter And 1099-c - Both?!

    I would first send the demand for validation to Dyck. Certified, return receipt. Then check, even to the point of going in to the Court Clerk to be sure a deficiency action has not been filed or made part of the foreclosure hearing. If you were served personally and then took no further...
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    Foreclosure In 2014; Just Received Debt Collection Letter And 1099-c - Both?!

    When contacted by a collector, always demand a validation in writing. Simultaneous to that, send letters to the bank and to Fannie, stating that the debt was forgiven/cancelled on an official Federal form. There have been many internet misconceptions on that, especially that a 1099-c is a...
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    Mortgage Debt Forgiveness Relief Act

    An update, which just recently came to my attention; I thought this was dead when Obama and Reid had their tiff just before Christmas. Anyway, on 26 December, President Obama signed a variety of tax measures, including an extension of the relief act through December 31, 2014, and retroactive...
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    Going to walk in FL

    Sounds good. If you haven't already sent it, I'd change the "....house is empty..." part to something along the lines of your "...willingness to vacate the property very quickly after a deal is made..." Basically, laying the groundwork for a cash for keys proposal when an acceptable deal is...
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    Going to walk in FL

    No, it is not a short-sale but the bank's intake people may stupidly treat it as such and put it into that chain. That was a warning of what to expect, though you are only covering your bases. It's why you will direct your attention mostly to their lawyer and, hopefully you will have...
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    Going to walk in FL

    Absolutely! Either have the lawyer you spoke of earlier, or yourself, write directly to the attorney of record for the plaintiff (as on the court docket) with a copy to the loss mitigation dept. of the bank, certified return receipt. Emphasize that time is of the essence and that this ends it...
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    What Does Case Reclosed Mean?

    As mentioned above, the Clerk of Court can order it closed administratively. The reasons can vary, form omitted parties to changed parties. Looking at the dates of the original situation I suspect that the plaintiff was lacking certain documentation, that the new foreclosure law adopted in...
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    Need Advise On Options

    I would agree with your steps: the 1-5. I would not stop paying one and continue the other since your credit will take the hit anyway. Pay both or stop both. I would suggest the following based on your idea of trying a settlement. Contact Chase as part of the "Help for mortgage" or whatever...
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    Need Advise On Options

    The first thing you need to do is to get a clearer idea of how long you want to be in the house: that drives all other actions. You need to know what you want to do as far as your next move. The biggest hit to your credit will be in the first 120 days of delinquency, which will impact your...
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    Can New Mortgage Servicer Call After Chapter 7?

    Yes, interpretation is why the courts are in business. It is improper to try to collect, as the OP called it. You are correct that the creditor can call to assert rights to property under state laws. In some states, one can go through a BK and stay in the house or, even keep a car which loan...
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    Can New Mortgage Servicer Call After Chapter 7?

    Interesting; I just learned something which contradicts other things I have read - I suppose that happens when one makes too many laws. Nevertheless, they can't collect but of course can foreclose as they still hold the lien on the property itself.
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    Mortgage Debt Forgiveness Relief Act

    It looks like there may be life left in the attempt to renew the act. The House has "...approved a package of extensions of tax breaks that expired in 2013." It still has to go to the Senate and, we know anything can happen or be stripped, then to the President's desk. KEEP WATCHING THE...
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    Can New Mortgage Servicer Call After Chapter 7?

    No. You could inform them that it has been discharged in bankruptcy and any call to collect is improper: to be fair, it is possible (just slightly) they may not be aware. If they persist, then just inform the lawyer who handled your BK. My suspicion (yes, I have grown a suspicious and...
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    Going to walk in FL

    Note Holder as plaintiff. I didn't say a DIL as a formal procedure, from start on a website, etc. Then, you indeed have to go through multiple levels of functionaries. I'm suggesting a direct, simple offer. The whole purpose is to set the stage for the foreclosure in your favor; it would be...
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    Going to walk in FL

    Sounds like you are about in the same situation as I. Your earlier post sounded like you wanted to stretch it but I obviously misunderstood. Yes, it is possible to negotiate. Indeed, it is advisable to try at this point. However, I must emphasize that you answer the summons with the usual...
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    Going to walk in FL

    Probably. My case was filed in July, summons in August, answered, still no hearing scheduled. When you say "got a lis..." do you mean summons or just the case filed. If you got a summons, be sure to answer otherwise they can go for summary. However, an interesting wrinkle, if you were...
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    Foreclosures On The Rise.

    Absolutely correct. There has been a huge shadow inventory. I have observed many situations which the bank has been sitting on, not releasing for sale; also, there are many in limbo. In the threads of this forum there are many people asking "when can I get the bank to take the house," "When...