However, like many Michiganders, my income began to decline parallel to the health of the auto industry which began its collapse in late 2005 and by early 2006 had caused record bankruptcies across Michigan. Because of prudent financial decisions, we escaped bankruptcy but it wasn’t until after more than two years of trying to sell the home for what we paid for it (which was a bargain) that we finally received our first cash offer not contingent upon the sale of another home. However the offer to purchase was for $73,000 less than we owed. My lender, Bank of America was presented the purchase offer with a complete short sale package and after 5 months of dithering on their part, our buyer accepted the terms of Bank of America’s counter offer. A week later, the sale was closed and I was finally freed to lick my financial wounds and begin the healing process, or so I thought.
Bank of America is calling demanding payment
In January of the following year Bank of America issued me a 1099-C in the amount of $73,000 which was the amount of debt forgiven and they reported to the IRS. Yet in spite of this I continued to receive monthly statements for the next two years, and after a few feeble attempts on my part to contact Ban k of America, I simply gave up. Suddenly about a month ago I began receiving phone calls from Bank of America. In each of these conversations the agent would notify me of my rights, inform me the phone conversation might be recorded or monitored for training purposes and ask for my social security number which I would politely decline, because by law I am only required to provide it to the IRS. Then the agent would ask me to verify the property address to which I informed them I did not own a home and the last home I owned was sold in October 2009. Once I informed them that I was also recording the phone call the agent would promptly hang up. (interesting way to stop the phone calls).