Comments on: What if I cant pay my second mortgage. I owe what my house is worth on my first mortgage. I filed bankruptcy? http://www.refinancing--home-mortgage-blog.com/mortgage/what-if-i-cant-pay-my-second-mortgage-i-owe-what-my-house-is-worth-on-my-first-mortgage-i-filed-bankruptcy Information on Refinancing a home mortgage Tue, 07 Sep 2010 06:30:23 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Doctor Deth http://www.refinancing--home-mortgage-blog.com/mortgage/what-if-i-cant-pay-my-second-mortgage-i-owe-what-my-house-is-worth-on-my-first-mortgage-i-filed-bankruptcy/comment-page-1#comment-1802 Doctor Deth Fri, 31 Jul 2009 15:31:02 +0000 http://refinancing--home-mortgage-blog.com/mortgage/what-if-i-cant-pay-my-second-mortgage-i-owe-what-my-house-is-worth-on-my-first-mortgage-i-filed-bankruptcy/#comment-1802 <a href="">Gordon</a> did you list both mortgages in the bankruptcy filing? Gordon

did you list both mortgages in the bankruptcy filing?

]]> By: v b http://www.refinancing--home-mortgage-blog.com/mortgage/what-if-i-cant-pay-my-second-mortgage-i-owe-what-my-house-is-worth-on-my-first-mortgage-i-filed-bankruptcy/comment-page-1#comment-1801 v b Thu, 30 Jul 2009 08:31:44 +0000 http://refinancing--home-mortgage-blog.com/mortgage/what-if-i-cant-pay-my-second-mortgage-i-owe-what-my-house-is-worth-on-my-first-mortgage-i-filed-bankruptcy/#comment-1801 <a href="">Bernice</a> Probably not. However, see IRS publication 4681. They will send you a 1099-C for the cancelled debt. You put this on form 982 and if you ever sell any remaining asset at a gain, you will owe income tax. Bernice

Probably not. However, see IRS publication 4681. They will send you a 1099-C for the cancelled debt. You put this on form 982 and if you ever sell any remaining asset at a gain, you will owe income tax.

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