My 2nd now says “closed” also with a $0 balance on my credit report. I have already foreclosed on the house (the first bought it back at auction.) I am in AZ, the “closed” status comes after I sent a cease and desist letter quoting AZ law and advising the 2nd the 1st had foreclosed and the house was no longer mine. I know this thread began with the issue in a recourse state and a house not already in foreclosure? Just curious if anyone knows for my particular situation, what that means “closed” and also, I know this is a very ameteur question, but once you get a 1099 -is it then finally over for good? I am not sure what the statute of limitations in my state are or how they apply to a non-recourse loan.
For credit cards, I know first hand the creditor can’t collect or sue on the debt if you pay taxes on the forgiven debt. For mortgages, not so sure, outside of the mortgage forgiveness act of 2007 which refers to modded firsts.Only time will tell how seconds are handled. I just read that Bank of America jumped on the 2MP train recently.
Closed just refers to the status of the account. For a HELOC , it just means you can’t borrow against it any more. If the account was charged off it would say “charged off as bad debt.”If the account is charged off and the lender wants to get it off their books they will send a 1099-C by January 31, 2011 for this year’s taxes.
For Some times ,there is a conundrum in the American banking industry when it comes to underwater 2nds. they dont want to keep them on the books because they are technically an unsecured liability. they may hold a Lein, but the underlying asset is worthless, so in reality, it is what they call a “toxic asset” . It makes me wonder how they are reporting these on their books. i think they are using accounting tricks, so the government doesn’t know how many of these are really out there, and the banks balance sheets look better.
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