Legal Question in Bankruptcy in Pennsylvania
We modified our mortgage 3 yrs ago, mortgage was transferred to another lender. When I sent in payment they returned it saying we were in foreclosure. We filed chapter 13 to stop sale- long story made short- after a couple months the lenders attny admitted they were in error and rewrote us a mortgage with better rates etc. well yesterday er recieved a cancellation of debt from the lender- what is this and what does it mean?
Asked on 2/05/13, 7:40 am
1 Answer from Attorneys
See a CPA. A 1099c is a cancellation of debt. The old mortgage should have been replaced by the new one but it should not have triggered a cancellation of the entire mortgage debt. The debt was not cancelled.
Answered on 2/05/13, 10:01 pm
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