For anyone wondering what a 1099C is…The bank – your lender – is giving notice to the IRS of loss on an investment. Good news is that President Bush helped out Americans when he was in office by enacting the Mortgage Debt Relief Act in 2007. Not to go off track here, but that will sunset December 2012.
Kris and I received a call from a homeowner that completed a short sale last year, he and his wife were on title as joint tenants. He wanted to let us know that he did receive a 1099C from Chase Bank…but here is the kicker…SO did his wife…for the full amount of the loss! Chase is reporting to the IRS Double loss!
Is this happening to anyone else?
