Complaint Review: MGC Mortgage - PlanoInternet Texas
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- MGC Mortgage 7195 Dallas Pkwy PlanoInternet, Texas United States of America
- Phone: 877-471-7888
- Web: www.mgcmortgage.com
- Category: Mortgage Companies
MGC Mortgage MGC issued a 1099 on a foreclosed property for the full amount of the loan. PlanoInternet, Texas
*Consumer Comment: Easy
Show customers why they should trust your business over your competitors...
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: https://www.ripoffreport.com/reports/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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
Easy
AUTHOR: Susan - (USA)
SUBMITTED: Tuesday, March 08, 2011
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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