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You sold your property in a short sale you did receive a 1099c from the lender GMAC do you have to include this as income on your tax return?
Wiki User
∙ 15y ago
Yes. The cancel of the debt is income to you and absolutely reportable...and has, by that 1099, already been reported to the IRS.
Wiki User
∙ 15y ago
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What other ways can the lender collect the money if you are retired and have no income?
After the lender gets a JUDGEMENT for xxx number of dollars, they can attach other property you own, Depending on your state laws.
What happens if a farmer could not make his mortg age payments?
The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.The lender will take possession of the property by foreclosure.
Is it possible to get a new mortgage on a mortgage free home without income verification?
That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.
Can a second lender on a property stop the sale?
A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.
What happens if you can't pay your second mortgage?
The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.
What will happen if you stop making your mortgage payments?
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
What does a primary mortgage lender do?
The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
What does lender look for when applying for car?
income
What is colleteral?
Collateral is the property a borrower pledges to a lender in a loan. This property secures the lender's interest. A house is the collateral on a mortgage loan.
Can an owner sell a property that is real estate owned?
Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.Real Estate Owned, or REO, is a class of property that is owned by a lender. The lender can sell the property.
Can a mortgaged property be placed in trust?
No. Not without the lender's approval.No. Not without the lender's approval.No. Not without the lender's approval.No. Not without the lender's approval.
Do you need to have a separation agreement to refinance a mortgage in your name?
You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.
