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Posted in Mortgage
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Question By
osideman

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My 2nd mortgage debt of 44,000.00 has been eliminated. Does that boost my score?
I received a 1099A form from the IRS of debt forgiveness for $44,000.00

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No, because it was a foreclosure.  An abandonment of secured property.  You may also have capital gains and/or tax consequences  when you file your taxes. A foeclosure stays on your credit report for seven to ten years.

A 1099C is a cancellation of debt.

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Reply by
mindjazz

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Foreclosures stay on your credit report for seven years, not ten. My mistake. Your credit score could drop 100 points. The foreclosure impact on your FICO score will lessen over time.

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