Now during the crisis the lenders put a moratorium on issuing the 1099C to any owner occ. and many others as they were just over whelmed.. but these as you note that the other person got one.. the banks are now issuing them.what this does is tells the IRS you got debt relief and said amount of debt relief then become ordinary income and you must pay tax on it..

Some banks did offer a little relief, usually 3 months of no payments on the mortgage that were tacked on to the backend, but many people had to wait much longer before being able to get a reputable contractor in to fix their homes. 

(I'm currently deaf in one ear hopefully it's not permanent it's from a recent accident the tinnitus is killing me)I also mostly lurk here and read frequently.

They would want to deed the house over to you and keep the mortgage in their name for two reasons: 1) they can't make payments anymore (they are defaulted, going into foreclosure, or some type of financial hardship) and are in danger of losing their home, and you would be offering to take over payments right away, so they NEED the relief/help that you are offering; 2) you will be saving their credit. 

One of the best is after the NTS, and after a motion for relief from bankruptcy stay.

The borrowers can still apply for relief in the form of a principal reduction through short sale.  

Rent will be paid through the end of the month.Tenant Requested:The Tenant will provide written and proper notice as stated above.0-3 Months: There is a penalty fee of one (1) month’s rent.3-6 Months: There is a penalty fee of two (2) month’s rent.6-9 Months: There is a penalty fee of four (4) month’s rent.Remember for military you must be  compliant with Servicemembers Civil Relief Act (SCRA) law.

Peer Street hired counsel who obtained relief from the bankruptcy stay but the owner transferred the property on the eve of the second foreclosure to someone who filed a new bankruptcy case and Peer Street was forced to obtain court relief once again. 

I have wholesaled 100's of properties, flipped dozens of properties and built cash flow to achieve financial freedom.I attended College of Charleston on academic scholarship, receiving a B.A. degree in Urban Planning.I was elected and served as president of the student body.In Summer of 2005, I moved to New Orleans as part of the disaster relief effort, where I honed my negotiation skills settling insurance claim disagreements between contractors, homeowners and insurance companies.

Congratulations mike. paying up your CC debts is  a huge relief...