danman_91773[at]yahoo.com (Dan) writes:

- quote -

Once again it sounds like you need to talk to a real estate
lawyer. This situation is starting to resemble nailing
Jello to a tree.

Phil

Phil Marti
Topeka, KS

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- quote -

I think the lien was applied to the property after it was
transferred to me. Is there a period that they can still
attach the lien to the property.

It looks here like I got the property 3 months before the
lien was applied.

Thanks,

Dan

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David Woods wrote:
- quote -

Good thought, Dave, and I did actually. The actually
offered me a credit card with 0% interest for one year on
balance transfers of up to xx,xxx$! Then they had the gall
to up my credit limit by another 2,000$ How about that?
And yes, I took the up on it.

Cheer$,
Harlan Lunsford, EA n LA

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"Harlan Lunsford" <lunstax[at]bellsouth.net> wrote:
- quote -

Try Bank of America.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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"Dan" <danman_91773[at]yahoo.com> wrote:

- quote -

His estate is responsible for the debt. If you cannot
refinance or the estate is otherwise insolvent, the only way
to satisfy the debt is to sell the property, with that lien
getting priority over you and the estate.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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danman_91773[at]yahoo.com (Dan) writes:

- quote -

Regardless of what happens next, that's a $44K lien against
that property which must be dealt with before the property
is sold. You should validate the lien, but assuming it's
valid proceeds from the sale go to the lien holder before
they go to the heirs.

This does not mean that the heirs owe the $44K debt; they
don't. But the property does. For example, let's say the
property is only worth $10,000. The heirs could walk away
from it without any personal liability.

Talk to your attorney.

Phil Marti
Topeka, KS

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Dan wrote:

- quote -

Here is a legal matter, and not a tax matter. Please
consult local, competent, legal counsel. (did I use too
many adjectives maybe?)

However I do think the Bof A (board of assessments maybe?)
erred in issuing such a 1099-c.

Cheer$,
Harlan Lunsford, EA n LA

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- quote -

Personal opinion, BofA forgave a debt of your father, but
not of yours and since the debt is on the land and YOU own
it, you got the debt too. Perhaps if you had inherited it,
it would be different.

Helen, EA in PA
50 miles, 3 days, 1 cause - Multiple Sclerosis Challenge Walk for the Cure
October 1 to October 3, 2004
Donate on-line at www.msandyou.org

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My Father transferred some real estate into my name before
he passed away. BofA had put a $44k lein on a property
before the transfer and I can see it on the title.

After he died BofA sent him a 1099-c Cancellation of Debt
for the $44k. I called BofA and they argued that even though
the debt had been forgiven that we still had to pay the
amount. The lien is on the property for the $44k. The person
who I talked to at BofA didn't seem like she knew very much
about the mater but that was supposedly the only department
who could help me with the issue.

I cant refinance the property because the lien keeps popping
up.

Do I still have to pay for this debt even though it has been
forgiven?

Thanks in advance for any answers or advice.

Dan

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