Strange situation with a 1099C and a Mortgage |
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adamjohnson
Member
Cash: $ 5.45
Posts: 20
Joined: 18 Aug 2016
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Strange situation with a 1099C and a Mortgage |
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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 |
Thu Nov 24, 2016 9:07 am |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona |
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.
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Thu Nov 24, 2016 5:25 pm |
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