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    Mortgage Interest

    I know this might be the wrong folder, but here goes.

    We were discharged on 1/19/10. We included the house in BK, but we are still in the house and have not heard a peep from Chase about foreclosure proceedings. We did pay Jan-Oct of 2009. I should be able to deduct the interest I DID pay, correct? I have yet to receive a 1099 from them.

    Thanks!
    Filed CH 7 10/14/09
    341 11/18/09 DONE!
    Discharged 1/19/10!

    #2
    I would think so since you did actually pay those payments but I'd double check with your lawyer or tax person just to be sure.
    4/09 Converted to a Ch 7 due to loss in dh's income
    5/09 UST now involved no idea what happens next
    7/09 UST has decided to withdraw his motion to dismiss!
    7/27/09 DISCHARGED!!!

    Comment


      #3
      As long as you actually paid the mortgage interest, you can claim it on your taxes. I claimed all of mine for 2009 as I paid all of it. You can also claim the property taxes that you actually paid.

      Comment


        #4
        Originally posted by helpmeout View Post
        As long as you actually paid the mortgage interest, you can claim it on your taxes. I claimed all of mine for 2009 as I paid all of it. You can also claim the property taxes that you actually paid.
        I agree.
        Wife Laid off - 11/16/2009 Missed First Payments - 12/5/2009
        Filed Chap 7 - 12/31/2009
        341 - 2/12/2010
        Discharged - 4/19/2010

        Comment


          #5
          Ok cool! I have not received anything from Chase yet, and was worried they would not send it since my bk was just discharged and i've missed payments!
          Filed CH 7 10/14/09
          341 11/18/09 DONE!
          Discharged 1/19/10!

          Comment


            #6
            I had the same problem with a short sale last year, they sent no interest statement and I called and requested it 2 times. My accountant ended up figuring out "approx." how much I paid and used those figures on the tax return. But they made sure to send be the 1099 showing the forgiven debt and since it was a 2nd part-time residence I had to pay taxes on it!
            If you think no one cares about you try missing a couple of payments.

            Comment


              #7
              If I don't get the one 1098 I am missing, I will simply deduct interest I paid on that loan based on my amortization calculations.
              C7 Filed: 2009-11-06 | 341: 2009-12-14: | DISCHARGED: 2010-02-09
              Condo: Walked away due to 2nd mortgage intransigence; 1st foreclosed. Now totally DEBT FREE!!

              Comment


                #8
                I have a first and a second mortgage. I stop paying July 2009. I received my 1098 statement for my second mortgage. You'll receive it soon. As far as I know they're required by law to send it by the end of January.
                Filed Chapter 7 - 12/16/2009
                341 Meeting - 1/26/2010 - done!
                Last day for objections - 2/25/2010
                Discharged 3/31/2010

                Comment


                  #9
                  Correct, if you itemize your deduction, you may deduct the interest your actually paid on your mortgage.

                  Comment


                    #10
                    Received 1098 from 1st (CitiMortgage) but not one from 2nd (Chase). I wonder if Chase just doesn't send them out on BK'd loans.
                    Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months

                    Comment


                      #11
                      It seems like, by law they would have to! I hope to get it this week. Along with a W2 from one of hubbys jobs this year, so we can file our taxes!
                      Filed CH 7 10/14/09
                      341 11/18/09 DONE!
                      Discharged 1/19/10!

                      Comment


                        #12
                        So, is it ok to look at the mortgage statement from my last payment (October) and go off of "year-to-date" values? I also pay a PMI, which is easy to calculate. I will just do that, I guess. Irritated that Chase didn't send something...unless I get it this week! I will wait until the end of the week to file to be safe.
                        Filed CH 7 10/14/09
                        341 11/18/09 DONE!
                        Discharged 1/19/10!

                        Comment


                          #13
                          I received our 1098 from Chase today. Hope all of yours come quickly.

                          Comment


                            #14
                            Good to know, Tweeby. Is your load in default? Just curious if I should get mine, or only people who are current received them. Hopefully I will, I am ready to file!
                            Filed CH 7 10/14/09
                            341 11/18/09 DONE!
                            Discharged 1/19/10!

                            Comment


                              #15
                              Not current in the mortgage at all. Chase is our 1st mortgage. They have not filed at the courthouse for foreclosure yet, they did ask for a relief of stay.

                              Comment

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