[WSBAPT] 1099-C Question

[Martin Silver]

I have not had this issue.  But it seems t me that COD is not satisfaction, and possibly is treated as discharge in a bankruptcy of an individual on taxes (debts), which does not by that fact alone entitle property of the debtor/bankrupt to release of the lien.  In other words, discharge of the debtor does not ipso facto entail release of a lien.  

From: Brent Williams-Ruth 
Sent: Tuesday, August 01, 2017 6:50 AM
To: WSBA Probate & Trust Listserv 
Subject: [WSBAPT] 1099-C Question

Good Morning List Mates - 

I have a PC that is needing assistance regarding a Cancellation of Debt. 

It was a for a second mortgage on a property, during the down turn, he got the 1099-C canceling the debt but claims that the bank continues to have a lien on the property. 

Is there anyone here that would be willing to talk with me for a couple minutes to point me in the right directions regarding the process over these as this just logically does not sound right. 

Appreciate the time and consideration. 

Brent

-- 

Brent Williams-Ruth 
Founding Member

BWR Consulting, PLLC

Phone: (425) 830-5134


e-mail / website / facebook 




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