In 2008 my ex-wife and I went through a divorce and as a result lost our home to foreclosure. I sat in the house rent-free for 9 mos before doing a cash for keys settlement and a $2700 to walk away peacefully (house was bought in '05 brand new).
Interesting things have happened along the way since. The forgiven debt from the foreclosure was never reported to the IRS (I check every year at least once) and the bank that held the note was WAMU (now Chase). The second was held by IndyMac (now OneWest) who contacted my ex to collect on the $54k. She hired an attorney and got them to agree to a settlement of $8,000. As part of our divorce settlement we agreed to splitting any costs due to the sale or loss of home 50/50. So I will pay my $4k portion.
Funny thing is, we agreed to that settlement almost 2 years ago and we've heard absolutely nothing from the bank. They're supposed to tell us when and where to send the check and they won't even return the attorney's calls/e-mails. I'm wondering if they're even going to collect on it or maybe they just wrote it off as a loss?
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In 2008 my ex-wife and I went through a divorce and as a result lost our home to foreclosure. I sat in the house rent-free for 9 mos before doing a cash for keys settlement and a $2700 to walk away peacefully (house was bought in '05 brand new).
Interesting things have happened along the way since. The forgiven debt from the foreclosure was never reported to the IRS (I check every year at least once) and the bank that held the note was WAMU (now Chase). The second was held by IndyMac (now OneWest) who contacted my ex to collect on the $54k. She hired an attorney and got them to agree to a settlement of $8,000. As part of our divorce settlement we agreed to splitting any costs due to the sale or loss of home 50/50. So I will pay my $4k portion.
Funny thing is, we agreed to that settlement almost 2 years ago and we've heard absolutely nothing from the bank. They're supposed to tell us when and where to send the check and they won't even return the attorney's calls/e-mails. I'm wondering if they're even going to collect on it or maybe they just wrote it off as a loss?
What theories do you all suggest?
#housing