florida: IRS announces a new tax receipts form 4506T-EZ - 10/28/09 10:06 PM
Michael Lampert Esq., the tax attorney who is Of Counsel to my law office has alerted me that on October 21, 2009 the IRS issued a new form, 4506T-EZ, entitled "Short Form Request for Individual Tax Return Transcript". This new form will make it easier for homeowners trying to short … (10 comments)
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florida: FORECLOSURE DEFICIENCY JUDGMENT or SHORT SALE PROMISSORY NOTE or BANKRUPTCY? - REVISITED - 01/27/09 08:43 AM
Whether to agree to a negotiated promissory note in a short sale or allow the house to go to foreclosure is one of the most discussed topics around. It deserves a simple comparison.
My previous article on this subject can be found at Negotiated Payback or Foreclosure Judgment Deficiency? Compared.
A … (35 comments)
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florida: 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 … (3 comments)
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florida: 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. Without a … (41 comments)
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florida: CALLING ALL ETHICAL LOAN OFFICERS - HELLO? ANYONE THERE? - 04/09/08 09:23 PM
Calling All Ethical Loan Officers - Hello? Anyone There?
Every day I field questions about short sales, foreclosures and real estate investing. I represent developers, lenders, buyers, sellers, the sharks and the lambs. All have different work for me and all need different solutions. Today a call came in that was as … (10 comments)
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florida: 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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florida: 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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florida: 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 … (7 comments)
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florida: 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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florida: 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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florida: ECONOMICS 101 - SHORT SALES - WILL THE LENDER SHARE THE LOSS - 10/31/07 10:18 PM
I had just too many borrowers that "should have known better" in the office this week - so I feel very conservative just now - just to the right of Bill O'Reilly.
We do a lot of short sales in my law and title agency offices. They come in from all sources - … (1 comments)
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