Home Loans and Support

BOA sent incorrect "Corrected" 1098 Mortgage Interest statement to I.R.S.

Discussion in 'Bank of America Mortgage Help' started by Sugarpike, Apr 17, 2012.

  1. Sugarpike

    Sugarpike LoanSafe Member

    BOA bought out First Franklin in 2010, and our trial mod with it. In March of 2011 our trial mod became permanent. In Nov of 2010 they sent new paperwork, claiming an "internal error" had occurred, so we signed everything again and continued making our payments. Started getting phone calls in Jan of this year from BOA, wondering when we were going to bring our loan current, but wouldn't tell me why they were asking.... I finally reached someone who told me that their records were showing that we were 17 months delinquent. After proving that we were indeed current, we found out that somehow, something wasn't done properly on BOAs end and the loan hadn't been closed. It was closed at that time, in March. Then a few weeks ago, I received a "corrected" 1098, Mortgage Interest statement, with a dollar amount of zero on it. I called and said that we HAD paid mortgage interest, and had reported that to the IRS, and I needed to have the corrected statement corrected again to reflect the interest that was paid in 2011. I was told that since the loan had just closed this year, the statement couldn't and wouldn't be corrected to show that we had paid all the interest that I had already claimed on my taxes. I contacted the Office of the President, and Supriya Katyal from the OOP contacted me and said it would be looked into. She called last week to tell me that nothing could be done, even though I have each month's statement from BOA showing interest paid for all of 2011 and before. What do I do now? Contact my state's attorney general? (I'm in CA.) Sue in Small Claims Court to recoup the interest they said I didn't pay (but that I have proof of having paid)? Ask to have the modification re-done for a principal reduction? Any suggestions or help would be appreciated! I'm afraid the IRS is going to flag my return now as bogus - and who do you think the IRS is going to believe - a huge corporation like BOA or little Susie Homemaker in Southern California??
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    You may want to ask a tax professional in your state how you should handle this. I use Turbo Tax and it states, if you paid more interest than your Form 1098 shows, you must attach a statement to your tax return that explains why you can deduct more than your lender reported on your Form 1098.
  3. Sugarpike

    Sugarpike LoanSafe Member

    Guess I should post a follow-up with this. After doggedly making phone calls several more times, and explaining how simple it would be to just CHANGE THE DATE on the statement, someone realized that was all it took and did it. Problem solved. Persistence on my end, and someone at their end with common sense, finally paid off!
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Persistence and common sense go together like spaghetti and meatballs lol;-) If only every persistent homeowner could get a hold of a rep with common sense - this would make life MUCH easier for us all!!
  5. Sugarpike

    Sugarpike LoanSafe Member

    Isn't THAT the truth! Lol...

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