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i have 1099c
2- amount of debt canseled
5- if checked, the debtor was personally liable for repament of the debt (x)
7- fair market value of property
that mean that i suppose to pay any amount?
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∙ 12y ago
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If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.
Is it legal to transfer your mortgage to your family member?
It depends, and if ever it is possible the family member that you would transfer your mortgage to, would be liable for the repayment of the debt of your mortgage.
What is the VA streamline loan laws?
VA streamline loans involve repayment of one's current real estate debt from the proceeds of their new VA mortgage that has the same borrower using the same property.
What are the 3 Cs of lending?
# Credit - can the borrower display a history of creditworthiness # Capacity - can the borrower's current financial situation (income and expenses) support repayment of the debt according to the contract terms # Collateral - does the collateral being offered (in the case of a mortgage, this is the home itself) have enough intrinsic value to protect the lender's interests in case of borrower default
Is a house mortgage a secured debt?
Secured debt is debt backed or secured by collateral to reduce the risk associated with lending, such as a mortgage. If the borrower defaults on repayment, the bank seizes the house, sells it and uses the proceeds to pay back the debt. Assets backing debt or a debt instrument are considered security, which is why unsecured debt is considered a riskier investment find more about PMI services in Florida United Financial Counselors contact with us.
You bought a vehicle in 2002 but in 2008 you settled with the bank for less that what was owed to keep the truck do you have to claim the difference on your taxes with the 1099c?
Yes, unless 1) The "no" box was checked on the 1099-C under "was the borrower personally liable for repayment of the debt?" 2) The debt was discharged as part of a bankruptcy. 3) You were insolvent at the time the debt was discharged. or 4) The indebtedness was qualified farm indebtedness.
If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.
What is an international debt crisis?
International debt crisis arises when the sum of a borrower nation's cross-border repayment obligations cannot be met without radically altering expenditure levels or renegotiating repayment terms.
Are you responsible for your siblings debt?
You are not responsible for your sibling's debt unless you co-signed and agreed to be responsible for it. If you co-sign for a debt and the primary borrower doesn't pay then you will be held responsible for repayment.
Is an llc member liable for llc debt in Colorado?
Only if the member signed onto the debt personally.
If you are a co-borrower not a cosigner are you responsible for repayment of the loan?
Yes, a co-borrower is as responsible for a debt as is the primary borrower. The main difference between co-buyers and cosigners is that a cosigner generally does not have any claims to the property in question but bears the responsibility of repaying the debt should the primary borrowers default on the agreement.
My brother died in a car crash and has no estate I am the Executor or Administrator of an Estate because of legal case against driver The Hospital is asking for payment of debt am I liable for debt?
You are not personally liable for the debt. The estate is liable for the debt. If the law suit results in payment, it would have to be used to settle the debts.
Is a cosigner on a car liable if the primary borrower is at fault in an accident?
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
What does debt restructuring involve?
The goal of debt restructuring is to improve the borrower's financial status by reforming the borrower's outstanding debt commitments. In most cases, this means renegotiating the terms of the borrower's existing loans to make them more manageable, such as by extending the repayment duration, lowering the interest rate, or altering the repayment schedule. Restructuring debt is done so that payments can be made on time and the borrower can stay out of default or bankruptcy. Working with a financial counselor or debt restructuring specialist can be helpful in this process, as can engaging in negotiations with creditors or lenders to obtain a favorable settlement.
What do you do if your vehicle was repossessed if you were the co-borrower and the other borrower has filed Chapter 7?
You either pay or dont pay or file B/K also. If a co-borrower has debt discharged through bankruptcy, the other signatory is 100% liable for the balance of the loan.
Is it legal to transfer your mortgage to your family member?
It depends, and if ever it is possible the family member that you would transfer your mortgage to, would be liable for the repayment of the debt of your mortgage.
Are you only liable for the dollar amount that you signed for or are you liable for the full balance on the card?
If you are the account or joint account holder, you are responsible for the entire balance regardless of who incurred the debt. If you are an authorized user you are not responsible for repayment except to the account holder.
