palm beach county: 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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palm beach county: 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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palm beach county: SHORT SALE FLIP - QUESTIONABLE METHODS - 03/18/08 09:11 PM
SHORT SALE FLIP - QUESTIONABLE METHODS
This article is a follow up to an issue discussed in December titled Short Sales and Title Insurance - Critical Look at Hybrid Closing Schemes.
I am representing an ultimate buyer on a short sale "flip" that raised some eyebrows and got me to looking carefully on … (30 comments)
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palm beach county: SALES FIGURES FOR JANUARY IN SOUTH FLORIDA - DOWN DOWN DOWN - 02/25/08 09:47 PM
Today's South Florida Business Journal published an article today showing the across the board declines in sales activity in the South Florida and near South Florida geographic area.
One bright spot - for what it is worth - is an increase in prices for condo sales in Miami.
Presently I can find no published … (1 comments)
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palm beach county: FORM RELEASED BY IRS FOR DEBT RELIEF ACT FILING - 02/22/08 01:49 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 … (3 comments)
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palm beach county: 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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palm beach county: No-Conflict Considerations in Short Sale Fees - 02/17/08 10:53 AM
No-Conflict Considerations in Short Sale Fees
As short sales and pre-foreclosure assistance servicers proliferate, the type, style and amount of fees that these individuals and companies charge has become ingenious and varied. This article discusses the rights and wrongs regarding the most popular of the charging methods.
A short sale and pre-foreclosure servicer … (7 comments)
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palm beach county: TOO MUCH MONEY IN THE BANK TO DO A SHORT SALE? - ECONOMIC LOGIC - 02/09/08 12:31 PM
TOO RICH TO DO A SHORT SALE? - ECONOMIC LOGIC APPLIES (edit/delete)
This week I spoke with several people that wanted to do a short sale of investment property that is upside down in value. They are sick and tired of the short fall on rental income (if they are … (31 comments)
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palm beach county: 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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palm beach county: Mortgage Forgiveness Debt Relief Act of 2007- Another Look - 01/01/08 12:14 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 … (7 comments)
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palm beach county: 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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palm beach county: 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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palm beach county: Underwater - The Cycle Repeats Itself - 12/02/07 11:11 AM
I cannot be surprised at the stories in the newspapers about homeowners, investors and even commercial property owners being "Underwater" with today's depressed real estate market values. Many people that own real estate today were just pre-teens when the last deep cycle occurred. Or if they are older, they were not … (2 comments)
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palm beach county: WHO CONTROLS THE SHORT SALE? - 11/13/07 09:59 PM
WHO CONTROLS THE SHORT SALE?
Who Controls the Short Sale?
In this environment of the short sale it seems apparent that the bank controls the sale. Some might say the buyer controls the sale. My opinion is that both statements are primarily incorrect. The seller owns the house. The seller must … (3 comments)
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palm beach county: Who Controls the Short Sale? - 11/11/07 07:38 PM
In this environment of the short sale it seems apparent that the bank controls the sale. Some might say the buyer controls the sale. My opinion is that both statements are primarily incorrect. The seller owns the house. The seller must sign the contract. The seller must sign the deed. Of … (7 comments)
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palm beach county: Beware the White Knight! - 11/04/07 07:44 AM
Beware the WHITE KNIGHT -
R. Ford McDonald, Senior Claims Counsel at Attorneys Title Insurance Fund, wrote an article on this subject recently and I would like to share some of the tidbits from it.
Apparently there are lots of "White Knight Claims" being made against title insurance policies. Here are … (5 comments)
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palm beach county: Recent news article from South Florida on Short Sales - 11/03/07 03:14 PM
Here is a recent South Florida news article link - on short sales:
http://www.dailybusinessreview.com/news.html?news_id=45571
Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@FLORIDA-COUNSEL.COM - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW
… (1 comments)
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palm beach county: DON'T LOSE YOUR HOME TO IDENTITY THEFT~~~ a TRUE STORY - 11/03/07 09:38 AM
FRAUD - LOSING YOUR HOME - IDENTITY THEFT
It is a day past Halloween, but here is a scary TRUE story:
My office is presently working on a case that is so prevalent that I thought posting it on my blog would be helpful. The matter involves a single person who bought … (0 comments)
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