• Report: #704218

Complaint Review: MGC Mortgage

  • Submitted: Tue, March 08, 2011
  • Updated: Tue, March 08, 2011

  • Reported By: johndh — Houston Texas United States of America
MGC Mortgage
7195 Dallas Pkwy PlanoInternet, Texas United States of America

MGC Mortgage MGC issued a 1099 on a foreclosed property for the full amount of the loan. PlanoInternet, Texas

*Consumer Comment: Easy

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After many attempts at trying to modify our mortgage with MGC with no success, MGC foreclosed on our property in Colorado.  After they sold the property, they issued us a 1099 in the amount of the total balance on the note before it was sold.  It was as if they recieved no money for the property.   It is virtually impossible to speak with the same person 2 times on the phone.  We find ourselves in position that we cannot file our income taxes.  Has anyone had a similar experience or know an attorney that handles these types of issues?

This report was posted on Ripoff Report on 03/08/2011 01:11 PM and is a permanent record located here: http://www.ripoffreport.com/r/MGC-Mortgage/PlanoInternet-Texas-75024/MGC-Mortgage-MGC-issued-a-1099-on-a-foreclosed-property-for-the-full-amount-of-the-loan-704218. 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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#1 Consumer Comment

Easy

AUTHOR: Susan - (USA)

Call a tax attorney or real estate attorney. Odds are you do owe the tax on the fair market value at date of foreclosure.

It doesn't matter that they sold the house, You didn't own it at the time it was sold and they do not have pay your tax debt.
Someone has to pay and the person who created the debt should be it. 
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