short sale & did NOT receive 1099

Submitted by Anonymous (not verified) on Thu, 03/11/2010 - 21:41
Forums
Credit repair

I did a short sale on an investment property and my PMI (Private Mortage Insurance Company) paid the difference. I am not sure if the mortgage company had anything to write off once the PMI paid their piece.

I did NOT receive a 1099 so I don't know if I still need to claim the difference between the sales price and the loan balance as income.

Please advise.

Thank you!!!!

Aaron

Hi Maria,

Before you do anything just wait for a few more days. See if you receive the 1099 C. Perhaps the debt is still not forgiven.

Another thing that you can do is check the account status on your credit report. If the account is reflecting as "Paid in full" and closed, you may not receive the 1099C form. You can have a talk with the insurance company.

Hope this helps.

Regards,

Aaron

Fri, 03/12/2010 - 07:05 Permalink