What can I do if I received a $15,000 tax notice due to cancellation of loan modification debt? Posted on July 28, 2010

Litton Loan sent a 1099 to the IRS saying I had extra income of 48,000. I never received a 1099 from them. Now the IRS is saying I owe them $15,000. What can I do? In all the paper work I signed with my loan modification I was never told the fact they were writing off a debt that would be income to me.

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