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Old 05-30-2009, 01:13 PM
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Default What does foreclosure mean for my taxes?

A property that I am a co-signer on is going into foreclosure. In a question I asked previously regarding this matter, someone pointed out that I will be sent a 1099-c form. What exactly does this mean? If the house is sold at auction will I owe taxes on the amount the house sells for or the amount that was owed or, if the house does not sell for enough, will I owe taxes on the amount not paid?If we can sell the house before the foreclosure is complete, how does that impact the situation? I'm so confused.And please, no posts about your tax or loan company. I will report it as abuse. ------
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Old 12-10-2010, 09:59 AM
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It means that if you cannot pay your mortgage, how would you be able to pay your taxes.
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Old 02-09-2011, 11:58 AM
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Cool An improper swing

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