1099 and short sale: BANK REJECTS SHORT SALE OPPORTUNITY AND MAKES BIGGER LOSS - 10/13/08 01:42 AM
Here is more proof that the loss mitigators used by some banks just don't quite "get it".
In an article this morning in the Palm Beach Post, by staff writer Eve Samples, Wells Fargo is targeted for its botched handling of a short sale opportunity, resulting in a loss to the bank of at least $40,000 more than it would have experienced in the short sale opportunity.  The article goes on to say,
Behind on their mortgage and forced to move to Miami-Dade County for work, Reggie and Noelvis Capiro this summer petitioned their lender, Wells Fargo Home Mortgage, and its … (15 comments)

1099 and short sale: Foreclosure Deficiency Judgment Compared to Deed In Lieu and Short Sale Scenarios - 06/10/08 03:56 PM
Basic Primer - the Mechanics of a Mortgage Foreclosure Deficiency Judgment Compared to Deed In Lieu and Short Sale Scenarios-
We get so many questions about having a "deficiency judgment" entered and how it differs from other possibilities in a deed in lieu of foreclosure or short sale, that a refresher article seems appropriate for Activerain.  If you are unsure of what a Short Sale is, then first read the Back to Basics - a Review on Short Sales .
This article is written based on Florida law, but most state laws are similar.  Be sure to contact your own attorney … (88 comments)

1099 and short sale: 1099 REPORTING - IT'S THE LAW! - OR IS IT??? - 03/28/08 03:07 PM
1099 SHORT SALE REPORTING - IT'S THE LAW! - OR IS IT???
Since I have developed my SHORT SALE law practice I have a lot of clients that are in foreclosure or close to it.  They all ask me about 1099 reporting and if the bank can forgive the debt and not issue a 1099.  Lots of blogs say that plenty of banks don't issue 1099's on forgiven debt. Others say that the law is that if the lender does not report, it is in trouble with the law. The General Instructions from the IRS applies penalties for not filing informational … (44 comments)

1099 and short sale: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!! - 12/21/07 11:52 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 by keeping the $25 you have to declare that $25 as ordinary income.  You see, borrowing money is not taxable as income.  But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (5 comments)

 
Richard Zaretsky, Florida Real Estate Attorney (THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY)

Richard Zaretsky

Florida Real Estate Attorney

West Palm Beach, FL

More about me…

THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

Address: 1615 Forum Place, Suite 3A, West Palm Beach, Fl, 33401

Office: 5616896660 x 107

Mobile: (561) 329-2279

Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
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