1099: Back to Basics - a Review of Short Sales - 05/04/08 07:42 PM
Short Sale Primer - Back Room Lender Decisions
A Primer -
Short sales are nothing new. When I represented a national lender for all of their foreclosures in the State of Florida several years ago, we negotiated "loan workouts" which are now called "short sales". Since they have been around so … (67 comments)
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1099: THE BANK CHANGED THE LOCKS! - 05/04/08 01:25 PM
There is discussion on Active Rain from time to time on whether in a short sale it is advisable to move out of the house.
The real issue is the clause in the mortgage that says the bank can change the locks on the house if it is "abandoned". The exact … (27 comments)
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1099: SHORT SALE PRIMER - REVIEW OF THE BASICS - 05/03/08 09:09 PM
Short Sale Primer - Back Room Lender Decisions
A Primer -
Short sales are nothing new. When I represented a national lender for all of their foreclosures in the State of Florida several years ago, we negotiated "loan workouts" which are now called "short sales". Since they have been around so long, I … (1 comments)
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1099: SHORT SELLER STILL MUST DECLARE INCOME ON SALE! - 04/18/08 07:25 AM
The Mystery of income you can't spend - but do you have to declare it?
When DON'T you have to report forgiven debt (from a short sale, deed in lieu or foreclosure with release from the lender) as income?
One of the biggest issues that potential short sellers and those … (7 comments)
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1099: SELLERS ALWAYS HAVE INCOME FROM A SHORT SALE / DIL / AND MAYBE A FORECLOSURE - 04/16/08 05:20 PM
CANCELLATION OF DEBT INCOME - WHAT IF THERE IS NO 1099?
When DON'T you have to report forgiven debt as income?
One of the biggest issues that potential short sellers and those in foreclosure ask me is whether they have to get a 1099 for any forgiven debt from their lender. … (47 comments)
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1099: OBSERVATIONS ON A WEEK AT WORK - A RAMBLE - 03/28/08 09:01 PM
What a week!
Mortgage foreclosure White Knights targeted by the Florida Attorney General (no surprise there - just why did it take so long?!!!)
CNN special report on the Mortgage Meltdown and it being second only to the Great Depression.
Record foreclosures expected to continue to break records through 2008 and into 2009.
But heck … (0 comments)
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1099: FILING FORM RELEASED BY IRS FOR DEBT RELIEF ACT - 02/22/08 01:47 AM
New IRS Form for Filing for Debt Relief
The form for filing for tax relief under the Mortgage Forgeiveness Debt Relief Act of 2007 has been released and is available online. Click HERE for the form.
Information about the relief available - which is available only to primary residences that incurred the tax … (4 comments)
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1099: WHAT DO I DO? -- I'M UNABLE TO PAY MY MORTGAGE - 01/12/08 09:46 PM
Most Common Question: "What do I do? - I can't pay my mortgage"
As an attorney, I receive plenty of telephone calls and visits from people that are no longer able to pay their mortgage on their home or investment property. They all have endless questions and usually tell me they are … (12 comments)
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1099: Mortgage Forgiveness Debt Relief Act of 2007- Another Look - 01/01/08 12:13 PM
I have been getting a lot of calls and emails about the Mortgage Forgiveness Debt Relief Act of 2007. The new law became effective today, and applies to 1099's on short sales or foreclosures retroactive to January 1, 2007.
Before the Act was passed, one of the rewards for a homeowner helping … (2 comments)
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1099: Mortgage Forgiveness Debt Relief Act of 2007- Another Look - 01/01/08 12:11 PM
I have been getting a lot of calls and emails about the Mortgage Forgiveness Debt Relief Act of 2007. The new law became effective today, and applies to 1099's on short sales or foreclosures retroactive to January 1, 2007.
Before the Act was passed, one of the rewards for a homeowner helping … (2 comments)
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1099: MORTGAGE RELIEF ACT - CHRISTMAS PRESENT TO PRIMARY HOMEOWNERS - 12/24/07 02:40 PM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007.
For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then … (7 comments)
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