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Quick Selling a House?
My mortgage has been charged off. I have received a 1099A. Bank says this is my property although they have lied to me for a year saying this was not my property.
I just want the property out of my name so I am looking to quick selling the house to an investor.
Do I pay taxes on this money and can I send the estimated tax payment now so I don't have to worry April 2013?
What happens to the charged off account. Last house payment was Jan 2010. I have not received any calls from bill collectors.
The property is not showing any liens. Can a lien still be placed on the property after it is sold?
I have been fighting this a year. The bank has sent me a letter stating they did NOT foreclose on the property. I also received a similar letter from their attorney who was suppose to sell the property. Actually every time I call I can never get a straight answer from them until I subpoenaed them to court. As I keep getting tickets for codes violations. The banks letter stated they did not foreclose.
I did send a payment Jan 2012 which was returned with a letter stating the account is paid in full. When I called they could not tell me who paid the account and that my home loan was charged off.
2 Answers
- loanmasteroneLv 79 years agoFavorite Answer
It appears as if you have been successfully foreclosed on by your mortgage lender. Being successfully foreclosed on would mean you are no longer the owner of the property.
Now having an ownership in the property, you would not be financially obligated to pay any thing in relation to the property, this would include county taxes.
Since you were successfully foreclosed on you have no ownership position and would not be able to sell the property. to anyone, including a quick sale to an investor. Once you would open escrow and title, this would be evident as title to the property would have been transferred to the investor that lent you the funds to purchase the property when ever you purchased it.
The reason for my conclusion that you have been successfully foreclosed on is the fact that you indicated you received a 1099 from your former lender. By you receiving this 1099 would indicate your former mortgage company, that foreclosed on you, had a loss in selling the property.
The loss your former mortgage company had would indicate that someone had a gain. This gain was yours as determined by the IRS, thus your former lender sending you the 1099. Had they not sold the house and had the loss, they would not be able to determine your gain.
I can see no financial reason for you to pre-pay the taxes on your 1099. You could keep this money in a interest bearing account thus you would benefit from the interest. Of course the decision is yours, if you have deemed it to your benefit to pay this tax, you may.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
- 7 years ago
Contact a cash home seller and he will not only buy your property but also help with all this stuff.
