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Barry Said:

annual report is saying I I have a mortgage?

We Answered:

That is a very common security question. There is usually 2 parts to this question. One is the company you have it with which you selected none of the above(in your case correct). The other will be the amount of the payment, which you also need to select none of the above, if by chance you did not select it or selected a different value it will not validate you.

Unfortunatly since it did not validate you will have to mail in your information. I would not worry about if you have a mortgage or not when you get the report I doubt it will list anything.

Katherine Said:

On my credit report, a mortgage company shows up, I never took out a loan, how do I clear this?

We Answered:

annualcreditreport.com is free and government sponsored. you can get a free copy of each bureau once a year. If there is something that is not correct you can dispute it through the same website. Make sure it is not trying to trick you by asking who or when your mortgage was taken out, some companies do that to verify you are who you are. If you don't have a mortgage then select the option for n/a or none, or if your talking to someone tell them you don't have one. This is just a security measure to keep others out of your credit. Good luck.

Roger Said:

what is the legal responsibility of the company filing your title after you close on a refinance loan? ?

We Answered:

How long ago did you close on the house? The register of deeds could be several months behind on updating the records!

Susan Said:

What are tax implications on a short sale?

We Answered:

In the past, you would have had to pay taxes on the $538k of cancelled debt. But, due to the Mortgage Forgiveness Debt Relief Act, any amount of that balance that was used to buy or substantially improve your house will not be taxed.

So, if all of that debt was from your original mortgage, you won't owe taxes on it. If $250 was your original mortgage, and another $280 was from a cash-out refi, then it gets tricky. You have to prorate the amount of the $280 that was used to improve your house. If you used $80 of the cash out refi for a big personal purchase (cars, pay off student loans, etc.) then you owe taxes on that portion of the forgiveness.

Here is a good link to the IRS's website that explains it in more detail.

http://www.irs.gov/individuals/article/0…

If you previously claimed the $90,000 as a tax deduction for mortgage interest you might need to file an amended tax return to undo that deduction.

For the amount of money involved, I would seek the advice of a tax professional and bring all the financial history of your house with you. It looks promising to you, but you want to be sure before you file that you are treating this 1099 correctly.

Also, if you have not yet settled all the financial issues of your divorce, any potential tax bill that might go along with this should be considered.

The FMV being off doesn't really matter. What matters is how much the bank was owed at the time the property sold, and how much cash the bank accepted at short sale. That is what is reported to the IRS.