• Report: #648654

Complaint Review: Bank of America Home Loans

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  • Submitted: Thu, October 07, 2010
  • Updated: Thu, October 07, 2010

  • Reported By: Ronnie — San Diego California United States of America
Bank of America Home Loans
400 Countrywide Way SV-314 Simi Valley, California United States of America

Bank of America Home Loans Formerly Countrywide Home Loans Fraudulent 1099-MISC Reportying Simi Valley, California

*Consumer Comment: Not enough information.

*Consumer Comment: Loan mod?

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Bank of America Home Loans (formerly Countrywide Home Loans) issued at 1099-MISC to the IRS for $2,000.00.  First, I never received $2,000.00 (i.e. a check) from Countrywide, nor did I receive the 1099-MISC.  Now, the IRS wants to charge me penalties and taxes on $2,000.00 I never received.


I contacted BofA three times by mail.  Twice by phone and once by email.  I am not getting any resolution to this matter.

This report was posted on Ripoff Report on 10/07/2010 05:29 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-of-America-Home-Loans/Simi-Valley-California-93065/Bank-of-America-Home-Loans-Formerly-Countrywide-Home-Loans-Fraudulent-1099-MISC-Reportying-648654. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
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#1 Consumer Comment

Not enough information.

AUTHOR: Robert - (U.S.A.)

1099-MISC can be issued for many reasons, and it does not mean that they have to send you a check.

One possibility is if you did any sort of "settlement" on your loan.  For example if you owed $5,000 and they said that they would "settle" for $3,000 the $2,000 that they forgave would be reported to the IRS as unearned income.

Another possibility is that they may have also issued one if you did some sort of modification or principal reduction.  Basically any action where they have to "write-off" some of the loan would be a case where they would in turn issue you a 1099-MISC.

They should have told you the Tax year it was for, and from that you may be able to figure out what it may be from.

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#2 Consumer Comment

Loan mod?

AUTHOR: Flynrider - (USA)

   Did you have any dealings with them where they forgave a portion of a loan through negotiation?  If so, that could be where the 1099 is coming from.   If a bank lets you off the hook for all or part of a loan, your friendly IRS sees that as income and requires the bank to issue a 1099 to that effect.
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