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Strange situation with a 1099C and a Mortgage

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adamjohnson
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Strange situation with a 1099C and a Mortgage  Reply with quote  

Hey guys,

I've searched and searched about this subject and I can't find a good course of action. This is truly a weird situation.

So I have an old charge off on my credit report. It's back from 2012... well I'm now applying for a mortgage and am in the final stages of approval, but my mortgage company says I need to pay it off. no problem... I called the company to pay them off in full, but they said they wont accept a payment. They said the debt has been forgiven and I can't pay them because they issued me a 1099C.

I'm not sure how to proceed here. I need them to take my money so I can get this mortgage. How do I do that?

Please help!

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Last edited by adamjohnson on Fri Nov 25, 2016 7:34 am; edited 1 time in total
Post Thu Nov 24, 2016 9:07 am
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oldguy
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quote:
They said the debt has been forgiven and I can't pay them because they issued me a 1099C.

I'm not sure how to proceed here. I need them to take my money so I can get this mortgage. How do I do that?


The company paid you that money because you refused to pay that debt. They officially cut a 1099 telling the govt that you received that payment. So you had to pay income tax on the 1099 amount.

The company cannot reverse that - ie, they cannot get the IRS to refund your tax.

Go back to the mortgage company, provide a full written description of the events - the 1099C, the taxes, and your effort to repay - date each event and ask for a waiver.
Post Thu Nov 24, 2016 5:25 pm
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