Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To http://RealEstateMarketingThisWeek.com
Part 1 (Excerpt)
Expert tax advice from a CPA regarding a real estate related issues
Today’s show has a timely message. We have with us, an expert in the tax ramifications of the different types of mortgage situations that people find themselves in, we have brought in Mike Patenella, that I will introduce in just a moment, as well as Brett Fallon is back with us. Were going to be talking about the tax ramifications of short sales, foreclosures, and some of the different types of loan modifications.
Now if you listen to our show regularly, of course you know, we have been over the last several weeks, talking about loan modifications, but we have been getting hundreds of e-mails and calls requesting more information on the loan modifications. There are also some interesting questions that people ask about whats going to happen in regard to taxes. Thats the one thing that so many people are not talking about.
Well we need to talk about it. Its something that we need to bring to you that you can hear and thats what were going to focus the majority of today’s show on. Before I introduce Mike I need to introduce one of my very best friends and the best financial advisor I have ever known, Brett Fallon. Brett thanks for being on the show today.
Brett also has some information in regard to the markets and there is some really great, exciting stuff out there. But before I throw that back over to Brett, we have our expert guest today. He is a CPA and his name is Mike Patenella, thank you for being on the air with us today.
Mike is an expert in taxes, he is a CPA, he knows the ins and outs of all matters tax. His expertise in this particular area is widespread. Mike is an expert and will have specific answers to questions that we have put together. If you have had a foreclosure or youre facing foreclosure or if youre considering a short sale or bankruptcy, any number of things. Were going to touch on each just a little bit.
But we have a few numbers on our staff who are experts in loan modifications, we have put together a great video that helps explain the process, it’s about seven minutes long. And we will get that sent out to you in immediately.
Duration : 0:5:25
Read the rest of this entry »
Technorati Tags: Adjustable, Administration, ARM, Attorney, Avoid, Bank, Bankruptcy, buyer, closing, Corporation, Cost, credit, down, Estate, Expert, Fannie, Fed, federal, FHA, First, fixed, FNMA, Foreclosure, fraud, freddie, Funds, Future, Home, housing, income, Insolvency, interest, lender, loan, loss, mac, Mae, Marketing, Median, meltdown, Mitigation, Mod, modification, mortgage, Negotiate, Owned, payment, price, program, Purchase, rate, Real, Realtor, Refinance, rent, REO, Repo, Resolution, RTC, S&L, Sale, Savings, Scam, Seller, Servicer, Short, TARP, tax, time, Trust
Loan modification and mortgage modification programs, Help for homeowners. Visit us online at www.GuardianMods.com or call us today at 1-877-511-MODS (6637) – TV Interview with Mike Luchen
Duration : 0:6:18
Read the rest of this entry »
Technorati Tags: Home-Loan-Modification, mortgage modifications
John Bird and John Fortune (the Long Johns) brilliantly, and accurately, describing the mindset of the investment banking community in this satirical interview.
Duration : 0:8:50
Read the rest of this entry »
Technorati Tags: bear, bird, bremner, credit, Crisis, Enhanced, fortune, Fund, High-Grade, Leverage, sterns, Strategies, Structured, subprime
http://www.lendinguniverse.com/ wholesale commercial mortgage lenders In their efforts to repair the apparent defects in their monetary arrangements, governments have erected elaborate systems to control the issue of currency and the operation of banks. Moreover, the victims of inflations, deflations, devaluations, and financial panics have understood that their troubles were in some way connected with the monetary system, but not exactly how. As a result, monetary disputes become disputes over articles of ideological faith. To most people “sound money” has the same standing as home and mother. But exactly which monetary policy is the “sound” one is not so well-agreed. And on the fringes of the debate there are always a few monetary cranks-the faith-healers of economics -who have found the one monetary system which will solve all I ‘ the world’s problems. On the other hand, if the amount of money decreases or if its rate of movement slows down, then prices, output, and employment will decline. Every major depression has been accompanied by a substantial decline in the money supply, and often by a complete collapse of the banking system. Among the many causes responsible for our major depressions, money and banking difficulties have always been prominent. It is easy enough to see that money is important to all of us and to see why, after centuries of experiments, we have made elaborate arrangements to control its supply in the public interest. But this only raises new questions how that power is to be used. The money supply influences expenditures for goods and services. Properly managed, it can promote four of the major objectives of economic policy: full employment, price stability, growth, and balance-of-payments equilibrium.
http://www.backlinkstrafficseo.com/article%20abourt%20backlinks.htm website promotion and add traffic, backlinks checker, website promotion submit url and online pagerank increase search engine rankings. In connection with website promotion and check backlinks, backlink tool, website promotion submit url and keyword google ranking high search engine rankings. The benfits of search engine ranking and get backlinks, anchor text seo, search engine ranking pagerank and keyword rank increase search engine rank.
http://www.lendinguniverse.com/lend/equity_home_loan.htm equity home loan.
http://www.youtube.com/watch?v=t0ZkV5DwPME http://www.youtube.com/watch?v=jOT8WbxZCgs backlinks traffic seo hard money , home loans , unsecured loan and mortgage banks , mortgage loans. Hard money lenders New Jersey , equity mortgage , financing , Hard money lenders New York , mortgage funding , mortgage underwriting , hard money lending , home equity , mortgage companies , act lending , business lenders , mortgage rates , rates mortgage private loan subprime mortgages , Washington hard money , lending 30 year mortgage , mortgage loan bridge loans , mortgage calculator subprime lending mortgages , bad credit mortgage mortgage loan calculator , home mortgage rates unsecured business loans Texas hard money lending , loan lenders ca lender, finance hard money commercial loans Alaska hard money, loans home mortgage, refinance mortgage amortization, mortgage deals fha mortgage rate first lending, refinancing refinancing mortgage, mortgage lending mortgage payments, refinance mortgage rate home equity loan refinancing, lender loans mortgage reduction, Hard money lenders Colorado, and mortgage loans, financing home equity, mortgage rates wholesale lenders, Hard money lenders Florida, mortgage loan calculator mortgage, commercial loan officer home mortgage lender, Hard money loans Hawaii.
Duration : 0:3:5
Read the rest of this entry »
Technorati Tags: hard money, lenders, loans, mortgage
Why are we in this position with the economy? Simple. The Democratic Party forced the banking industry to provide loans to people who could not afford them. Thank you, Democrats!! Thank you, Fannie and Freddy. Thank you Franklin Raines. Thank you Maxine Waters.
Duration : 0:1:36
Read the rest of this entry »
Technorati Tags: agenda, barney, democratic, Economic, Fannie, frank, franklin, freddy, mac, Mae, maxine, meltdown, mortgage, raines, social, waters
Tax Credit for First Time Home Buyer Program, with Low Down Payment and Interest Rates thru Government Loan Assistance and FHA Mortgage. Buy Cheap Bank Foreclosures. Go To http://RealEstateMarketingThisWeek.com
Part 7 (Excerpt)
FHA Guidelines regarding foreclosures and first time home buyers; incredible home buying value
Ok I was just checking because I thought this was a story about all the mortgage backed securities that were going under. It started at the top and it worked its way down. The reality of it is that people were buying homes, not reading what they were signing, not understanding how it worked and shame on the people who were putting it in front of them, knowing that they didnt know and we all need to take a little responsibility here for this past crisis. It is not just the Wall Street firms; its not just the mortgage companies and banks, the brokers have little in fact to do with it, we didnt create the loan products that people were buying, we were merely disseminating it to the public. I am glad to say I was not a part of any of that. I was able to stay away and do traditional, conventional type financing for people. So luckily I didnt have a lot of clients who got stuck into that nightmare.
Speaking of that nightmare, Dan when we talk about the people who have had foreclosures, their lives have been turned around, turned over and they think that there is no where for them to go. One of the nice things about the Federal Housing Administration loan, the FHA loan, thats the first time home buyer type loan, the minimum down payment loan, its only 3 years after you have had a foreclosure that you can qualify to purchase a home again. So it is important if you have had a foreclosure, you need to point your future away from the flame, you need to save your money, do your best, work as tightly as you can on a budget and look forward to that time when you can go back out and buy a home again.
Property values are going to be up from where they are today, but there is still going to be plenty of great value out there and there are not going to be loan products that are going to get you in trouble again. They wont exist. What really caused the great inflation in home values starting in about 2002 was the financing was just getting crazy. I wont get into a whole lot of technical stuff about mortgage backed securities and all that, but the lenders were creating products, selling them off their books, thinking that they would never have to worry about them again. They sold trillions of dollars worth of these loans and those are the ones that are going bad.
Ones that were toxic in the first place: the stated incomes, the option ARMs, all those loans are all gone now. I was saying earlier today that we are back to where we were in financing in 1992-1993, back when the median home price was $75,000. Now I dont think we are going to go anywhere near that again, I think at $130,000 we are getting real close to the bottom of the market and what I was thinking was when I got into the business in 1995 and you were in at about the same time I was, and I remember talking to a guy who comes into our office to sell us loan programs, now this is the very beginning of the really crazy stuff, and he was saying we can do 70% no doc loans.
We go, what do you mean? If somebody puts down 30% they dont have to verify anything, they dont have to verify their employment; they dont have to verify taxes, anything. We were absolutely floored, but by the peak of the market we were doing 100% no doc loans. If you were breathing they gave you a loan and the credit scores didnt have to be that high, I think I saw them as low as 600…
Duration : 0:5:36
Read the rest of this entry »
Technorati Tags: 1st, 8000, advice, assistance, Bank, bill, breaks, Buy, buyer, credit, debt, deduction, down, downpayment, Estate, federal, FHA, finance, financial, First, fixed, Foreclosure, government, grant, guide, guidelines, help, Home, homebuyer, house, housing, incentives, income, information, interest, lease, lend, lending, limits, loan, low, modification, mortgage, New, no, Owner, package, payment, plan, price, program, property, Purchase, qualifications, rate, Real, rebate, Refinance, rent, requirements, Sale, Short, stimulus, tax, time, tips
Becoming a mortgage lender varies from state to state, but generally, educational courses are required in addition to passing a state exam. Become a mortgage broker or correspondent lender with advice from an experienced mortgage broker in this free video on personal finance.
Expert: Matthew McKillen
Contact: www.innovativefg.com
Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients.
Filmmaker: Christopher Rokosz
Duration : 0:1:16
Read the rest of this entry »
Technorati Tags: Bank, brokers, calculations, Estate, Home, interest, loan, loans, mortgage, Mortgages, officers, rates, Real
In the case of foreclosure, lenders can pursue deficiencies in more than 30 states, including Florida, New York and Texas, according to the U.S. Foreclosure Network, an organization of mortgage law firms.
Some states, such as California, are “non-recourse” and don’t allow deficiency judgments. But, even there, if the if the original loan was refinanced, some or all of it may be subject to claims.
Deficiency judgments on short sales and deeds-in-lieu can happen in many more places. In these cases, extinguishing the debt is often a matter of negotiating with the bank.
But even when lenders are willing, many borrowers may not be aware that they have to ask for release. So, if you are pursuing a short sale, be sure your attorney asks the bank to release you from any further obligation.
“People shouldn’t have a false sense of security that a deficiency judgment may not be later sought,” Zaretsky said.
He expects many will be filed over the next few years, based on the fact that banks have sold many of these accounts to collection agencies and other third parties, at discount.
“The parties who bought those notes wouldn’t have paid money for them unless they had the intention of acting,” Zaretsky said.
Ticking time bomb
What can be scary is that the judgments don’t have to be obtained immediately. Lenders or collection agencies may wait until debtors have recovered financially before they swoop in. In Florida, the bank can wait up to five years to file. Once the court grants a judgment, the lender has 20 years there to collect, with interest.
It doesn’t have to be a large amount of debt for a lender or collection agency to come after borrowers. Richard Varno and his wife short sold their Nashville home back in 2004 after he lost his job.
It wasn’t until 2008, when the second lien holder asked him for $25,000, that he realized he still was liable.
“I told them, ‘Hey, you guys released the title,’” he said. “As far as I know, I’m off the hook.”
He wasn’t. Releasing title does not necessarily end the debt. It’s complicated because of variations in state law, but, generally, a mortgage has two parts: a pledge of collateral, represented by the home, and a promise to pay off the loan.
Lenders may release property liens in order to facilitate short sales without releasing borrowers from their obligations to pay under the promissory notes. The secured debt can convert to an unsecured one after the sale.
Zaretsky had one client who was so relieved to have arranged a short sale that he signed every paper his real estate agent shoved at him, even a confession that clearly stated he still owed the debt.
“He had no idea what he was doing,” said Zaretsky. “All the lender had to do was go to court to convert the confession into a deficiency judgment.”
Lenders are also very inconsistent. One of Zaretsky’s short-sale clients was ready, willing and able to pay, but the bank did not even ask; another lender always reserves the right to pursue the deficiency.
Strategic defaults
Sometimes lenders go after borrowers walking away from their homes if they have other assets, according to Florida real estate attorney Larry Tolchinsky.
“Banks are pulling credit reports to see if it’s a strategic default,” he said. “If you’re behind on all your other payments, you’re okay. But if you’re not, they’ll come after you.”
If borrowers have any doubts about their risks, they should seek legal advice. Or, at least, call non-profit organizations such as NeighborWorks for advice. According to Doug Robinson, a NeighborWorks spokesman, its counselors always try to negotiate away deficiencies when they facilitate short sales or deeds-in-lieu.
“We don’t favor any short-sale contracts that leave any deficiency that can be pursued,” he said.
Robinson himself knows what can happen. He paid off a deficiency after his own New Jersey house went through foreclosure 11 years ago.
Duration : 0:0:14
Read the rest of this entry »
Technorati Tags: ass, Bankruptcy, banks, break, cash, deed, forclosure, homeowners, in, job, lenders, lieu, loss, MensHelpTv, money, mortgage, no, risk, smart, ups, video, webcam
What is a fixed rate mortgage loan? A fixed rate mortgage means the borrower has the same monthly payments on the mortgage every month. Fixed rate mortgages are repaid within a specific time frame (10, 15, 20 or 30 years). Watch this Expert Real Estate Tips segment for all you need to know about fixed rate mortgages.
Duration : 0:0:51
Read the rest of this entry »
Technorati Tags: Benoun, borrower, Estate, Expert, fixed, loan, monthly, mortgage, on, payments, rate, Real, Source, time, tips, Victor
Jamar James owns The Creative Realty & Investment Group, LLC which is The Most Advanced Real Estate Company in Arizona. If you are looking for a realtor that not only represents you as a REALTOR, but is actively selling and buying properties for his own personal portfolio, Jamar James is above all others. His honesty and experience will instantly comfort you in knowing that he will always be there to answer your questions via email, phone and in person.
Jamar James Can Help You With Your Real Estate Needs in Arizona, Texas, and California.
He’s a Licensed Realtor in the State of Arizona and an active investor in the California and Texas Markets.The technology Jamar utilizes allows him to sell homes faster, locate more homes for buyers and help more homeowners then any other realtor out there.
If you are looking to sell fast, Jamar’s guarantee to sell in 30 days Or He’ll Buy Your House For 70% LTVIf you’re looking to purchase properties, Jamar locates properties 80% below market value.Need mortgage advice? Need Info on How To Stop A Pre-foreclosure, Need To Sell Your Home Today, Need Short Term Loans? Please call him Direct at 1-800-577-3177
Duration : 0:1:14
Read the rest of this entry »
Technorati Tags: Agent, Estate, Real, Realty, Times