What is a 1099-C?

Did you know that if you do a short sale on your home that you will have to claim that as an income? A short sale is when you sell your home for less than what you owe on the mortgage. This appears to only apply if you do a short sale before you are actually foreclosed on or the sale at the auction. A 1099-C is the statement from the mortgage company that the debt amount shown has been cancelled and collection efforts have ended. But the amount shown on the 1099-C is considered taxable income and must be claimed on your federal tax return.

Cash for Keys

Some banks are beginning to rely on a unique method of bribing homeowners to leave a foreclosed property without causing damage to the house. For a sum of money, banks attempt to convince foreclosure victims to leave the house without having to be evicted, and leaving the house in a livable manner. Homeowners with no other option to save their home may wish to consider this offer from the bank, which is called cash for keys offer.

Looking for Help

Homeowners who are serious about saving their homes on their own can find documents that are used in the foreclosure help packages for free through various sources online. Some companies are charging hundreds of dollars for these packets. Many websites now offer letters, worksheets, and simple calculators to help foreclosure victims examine options that may be used to stop foreclosure. Of course, finding these tools online through many sources would take extra time to do the research, put together form letters and worksheets to match the situation, and would generally involve more work than just buying a kit. Homeowners will have to work with the information and their banks in order to make the most effective use of any program.

More info on your stop foreclosure information search:

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