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imacamper · 03-08-2008, 01:30 PM

Poppy,

Thanks for your reply. I have not yet seen the actual acceptance letter from Chase but when I do, I will review it as you recommend. The letter was read to me by the negotiator on my behalf. As I recall, it said something about full satisfaction of loan number blah, blah so I think it's complete forgiveness but I will double check.

As for the 1099, I hope I fall under the recent tax forgivness signed by Bush this past December. I've read the law but my situation is questionable. I'll have to check with a tax attorney regarding that.

Now for the bad news. There were two offers but both buyers are no longer interested. The agreement by Chase (second position) is open ended but the first (Citibank) has only agreed to the sale if it closes on or before March 25th. Otherwise it will foreclose and I'll be back in a mess as Chase will be an unsecured lender. I'm keeping my fingers crossed for another buyer but will be back on the phone seeking the advice of an attorney to best protect myself if Citibank forcloses.

What a roller coaster ride...

Cheers,

Ima

03-08-2008, 01:30 PM	#20 (permalink)
imacamper Member Join Date: Feb 2008 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Is JP Morgan Chase Bluffing? Poppy, Thanks for your reply. I have not yet seen the actual acceptance letter from Chase but when I do, I will review it as you recommend. The letter was read to me by the negotiator on my behalf. As I recall, it said something about full satisfaction of loan number blah, blah so I think it's complete forgiveness but I will double check. As for the 1099, I hope I fall under the recent tax forgivness signed by Bush this past December. I've read the law but my situation is questionable. I'll have to check with a tax attorney regarding that. Now for the bad news. There were two offers but both buyers are no longer interested. The agreement by Chase (second position) is open ended but the first (Citibank) has only agreed to the sale if it closes on or before March 25th. Otherwise it will foreclose and I'll be back in a mess as Chase will be an unsecured lender. I'm keeping my fingers crossed for another buyer but will be back on the phone seeking the advice of an attorney to best protect myself if Citibank forcloses. What a roller coaster ride... Cheers, Ima Last edited by imacamper; 03-08-2008 at 01:32 PM..