You borrow $100,000 to build a bomb shelter deep underground in your backyard. You never sent in any of the payments. You assumed the apocalypse would come before you had to. Now you're three payments behind, just waiting for the bank to start trying to repossess your shelter (or for the apocalypse to make a delayed appearance).
You are in technical default. You've violated the rules of the loan to such a degree that, by the contract stipulations, you have defaulted. However, legal action hasn't been taken yet. The bank hasn't yet filed the paperwork to get the legal proceedings going. But they will. Oh, they will.
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Finance: What is a 1099?0 Views
Finance, a la shmoop. What is a 1099? Well it's a tax form for the rest of us the
non fully employed, the non recipients of crappy health care and benefit plans, the [Man looks shocked at his medical bill]
non recipients of fancy corporate business cards those of us who choose to [Business card for Brett Corporate]
go it on our own as consultants, contractors, day laborers and
independents who self employ under the yoke of many masters trying to make our [A contractors diary]
own little way in the world, yeah. Corporations who hire contractors in
whatever form, must deliver to those contractors a form 1099 which outlines [Corporation giving out 1099s to contractors]
and stipulates the details of the job performed for the contractee. That 1099
is a direct conduit to the IRS holding out their arm to shake your hand and [The form 1099s are sent to the IRS]
then turning it 90 degrees to the right. [IRS's hand out expecting something]
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