Friday, March 4, 2016


On my Beware of Fraudulent 1099 post. I received from CHASE yesterday a revised 1099-C showing zero.

Round 2?

Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance. The program does not involve the Federal Housing Administration, whose program has recently undergone a lot of scrutiny from big banks. 
Bank of America announced a partnership on Monday with Self-Help Ventures Fund and Freddie Mac for its new "Affordable Loan Solution" mortgage, a conforming loan that provides low- and moderate-income homebuyers access to a responsible lending product with counseling at affordable entry prices.

Guidelines loosen up more:

Saturday, February 6, 2016

Beware fraudulent 1099's from big banks

I haven't blogged for sometime and I think maybe I sort of wanted to put the meltdown and the foreclosures past us. I realize though this cycle doesn't stop, it's happening now to people in the oil industry, and will happen again. As long as big banks have all the power and the people none: if you borrow money it can happen to you.

This week CHASE BANK sent us a 1099-C for $432,862.08. I'm sure they will call it an accounting error but I call it fraud! On the 1099-C they put "Date of identifiable event" as 03/04/2015.

Why does this matter? The event they are referring to was the short sale of our primary residence, which they agreed to March 21, 2012 with release of liens and no deficiency judgements. The house closed on 4/9/2012 which was the real identifiable event date. By law CHASE BANK should have filed that 1099-C by January 31, 2013.

So? There was a law passed in 2007 called the "Mortgage Relief Act of 2007", which offered relief to homeowners who would have owed taxes on forgiven mortgage debt after facing foreclosure, which we were. In 2008 this was extended by "Emergency Economic Stabilization Act of 2008" and again at section 202 of "American Taxpayer Relief Act of 2012"

Direct from IRS webpage:
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Home Foreclosure and Debt Cancellation

Update Jan. 5, 2015 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
This provision applies to debt forgiven in calendar years 2007 through 2014. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
Are you scratching your head yet? By CHASE BANK fraudulently altering the date of the identifiable event from 4/9/2012 to 3/4/2015 it's as if we made $432,862.08 in income with no law in place in 2015, because the above laws expired in 2014.
WOW!!! As if CHASE BANK didn't make our lives a living hell they want to continue it FOUR years after the true identifiable date. I am a person who saves everything and I've been able to go back to 2012 and recover proof: CHASE BANK'S threat of foreclosure, CHASE BANK'S approval of short sale documentation, along with the settlement statement (HUD-1) dated 4/9/2012. We didn't want to lose our home but CHASE BANK refused to work with us, paper worked us to death for years, got bailed out by our government, yet wouldn't consider any assistance to their customers, in a global meltdown.
Today I overnighted letters with proof to CHASE BANK demanding they amend the 1099-C to reflect the correct identifiable date. I sent a letter to the IRS with proof and requested they audit CHASE BANK for failure to file properly, and for submitting a fraudulent document to the IRS. I sent a copy of the package to ABC World News to try and get this story in the publics hands.
How many homeowners don't know the law, who no longer have documentation, etc. It could be millions and millions. Is the IRS or government colluding with big banks in order to derive tax revenue on income that is being presented as taxable when it was truly exempt under laws they created? I don't know, but it's sure crossed my mind. Is CHASE BANK too big to not have to follow the laws? Is there some secret handshake that we as the American public have to file our 1099's for the previous year by January 31 of the following year (law), but CHASE BANK can wait FOUR years? Does something just not smell right here?
So beware if you receive a 1099-C on mortgage debt forgiven on your primary residence 2007-2014 make sure your identifiable date has not been fraudulently changed.

Wednesday, February 25, 2015

Not enough

I got a $1000.00 check in the mail from Chase auditors...........somehow this just doesn't seem like enough for the pain they put us through.

Tuesday, February 24, 2015


"While prices and sales of existing homes are close to normal, construction and new home sales remain weak," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement.

"The softness in housing is despite favorable conditions elsewhere in the economy: strong job growth, a declining unemployment rate, continued low interest rates and positive consumer confidence."

I think some of this is due to lending still being tight.

Thursday, February 12, 2015


After 22+ years of owning a house in California, through all the ups and downs, the struggles with Bank of America, the trashing of it by tenants...............sold and closed. Even though it was the house we brought both our babies home to, I have no nostalgia...........movin on. Good riddance BofA.

Thursday, January 15, 2015

Inside Job

Watched this documentary again last night....still makes me see red. A perfectly engineered storm....we the American people were set up by Wall Street and our government let it happen and then bailed the big guys out. Hmmmm, still trying to bail ourselves out....just saying.