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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Abandoned property/trustee sale Posted by DaveY on July 29, 2003 at 11:07 AM My 2nd lender (Citi) placed the loan ($23,000) as an "abandoned property" in June 2002. I was going thru a personal Chpt. 7 BK and was discharged May 2002, but did not include the Citi loan, I wanted to deal with Citi, but Citi never contacted me after Feb. 2002. I never knew the property 2nd D/T was abandoned until I received a 1099-A from Citi for the remaining loan balance of $23,000. But the question is this: some private investor bought my note for ???, in Dec. 2002, I still got a 1099-A for the same value as my Citi loan balance. I received letters and faxes from the buyer's real estate agent and holder of the note. I didn't know if this was "legit", as I'm not sure the new parties involved knew of the "abandoned loan" filed in June 2002. Now the new party filed a notice of default for the amount of the non-payment (past due) of $6,831.00 and soon can go into the trustee sale (they filed the NOD on 4-24-03, but gotten no notice yet of the trsutee sale). I did however, bring to the buyer's attention of what happened. We think that the new buyer/lender of the note paid 5 cents on the dollar using a $23,000 amount, that's about $1,500 Did Citi screw up in making the 1099-A? Can the buyer of the new note get more than what they paid for my note?? $1,500 purchase and get $6,800 to $23,000 I have written to the holder last week but not heard back yet. I told them they may have purchased the note from Citi under "false pretense". since Citi abandoned the note. Help... I can be reached at 818-375-9473 anytime if needed.... Thanks, Dave Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : My 2nd lender (Citi) placed the loan ($23,000) as an "abandoned property" in June 2002. I was going thru a personal Chpt. 7 BK and was discharged May 2002, but did not include the Citi loan, I wanted to deal with Citi, but Citi never contacted me after Feb. 2002. I never knew the property 2nd D/T was abandoned until I received a 1099-A from Citi for the remaining loan balance of $23,000. : But the question is this: some private investor bought my note for ???, in Dec. 2002, I still got a 1099-A for the same value as my Citi loan balance. I received letters and faxes from the buyer's real estate agent and holder of the note. I didn't know if this was "legit", as I'm not sure the new parties involved knew of the "abandoned loan" filed in June 2002. : Now the new party filed a notice of default for the amount of the non-payment (past due) of $6,831.00 and soon can go into the trustee sale (they filed the NOD on 4-24-03, but gotten no notice yet of the trsutee sale). I did however, bring to the buyer's attention of what happened. : We think that the new buyer/lender of the note paid 5 cents on the dollar using a $23,000 amount, that's about $1,500 : Did Citi screw up in making the 1099-A? : Can the buyer of the new note get more than what they paid for my note?? $1,500 purchase and get $6,800 to $23,000 : I have written to the holder last week but not heard back yet. : I told them they may have purchased the note from Citi under "false pretense". since Citi abandoned the note. : Help... : I can be reached at 818-375-9473 anytime if needed.... : Thanks, : Dave Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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