I received a 1099-C, Cancellation of Debt, in the mail today. After some research I found out that thismeans my bank forgave me the loan I owned. This is for a car, the loan numbers match. But I still have the car. Does that mean they just gave me the car for free??? i'm sure it's some type of mistake, but even if it is..wouldn't this 1099-c hold up in court as evidence that I do not own anything on the loan? will they sign the title over to me?
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