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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
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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 4 (Excerpt)
1099 C is for Cancellation of Debt Income Only, not for Interest Rate and Payment Reduction
So for people who find themselves in a very difficult situation considering these options whether it’s a loan modification or a short sale, whatever they need to do to relieve themselves of this particular burden of a mortgage, that for whatever reason they’re no longer able to maintain, they are not always considering the tax ramifications associated with taking a specific course of action, like this example the short sale option.
Right there is actually two pieces of tax component here, you have the forgiveness of debt income that we talked about, they still have the fact that you sold your house and you have to see if there was a gain on that. Over and above the cost basis of the home.
We talked about the 1099Cs a few moments ago, did you say that the lender sends a copy of the 1099C to the IRS? Absolutely.
Now I’m the guy for a few minutes ago who bailed on $400,000 and sold it for $300,000 am I going to get a copy of the 1099C if I haven’t given my lender my new address. Well that could be a problem, they will send it to the last address they have on record for you. And as a homeowner it’s my problem.
The IRS will get a copy, so they will look for it on your return, if you forget to put it on then you’re going to get a friendly notice from the IRS.
If somebody is going to do a short sale, its a fairly civil transaction and when I say civil I mean going for a short sale is horrible for them and their family, but it beats the alternative which is foreclosure, and I think the real problem is when there’s a foreclosure and the guy just walks away and moves off to El Centro California, he’s the one who’s really getting hurt.
So in the event that somebody takes a course of action, and I know that Velocity financial and Michael Barnes, youre not necessarily advocates for that short sale approach. It’s not normally the best course of action, we’ve been talking about loan modifications and it would help me when I talk to clients, or people who call from radio broadcasts who asked questions about loan modification process as part of a financial strategy, help me with some of the tax ramifications. Let’s say that I have a loan and I know the best thing for me is a loan modification, am I going to be faced with a 1099? A tax bill at the end of a loan modification?
Yes, the first of the two tax implications will apply which will be the debt forgiveness part.
I didn’t mean to interrupt you Mike, well I said there are several different types of loan modifications, I believe are you asking about when the loan modification is where they actually do forgive some of the debt?
Thats a point, I know there’s been a lot of discussion on the use of the TARP funds especially from the federal government regarding these banks that qualify for some of these funds, they have to do principle reductions for their mortgages. So let’s say there isn’t a principal reduction involved, from that aspect, its not a taxable event that could take place, since I’m not reducing my principal, I’m simply getting a reduction in my term or my rate.
That’s right, the only time that taxes would come into play is when the principal gets reduced because thats forgiveness of debt.
So let’s take that one step further, whatever mortgage interest I’m able to deduct on my taxes may be impacted if it’s a lower percentage, right because youll be paying less interest, but there’ll be no surprise 1099 coming your way if its just an interest modification.
One of the things that I like to make thing clear is that were trying to do the best for you the homeowner so you can stay in your home. The situation I’m talking about, the $400,000, the lender is more likely than not is not going to forgive $100,000, however the same lender is more than willing to reduce your interest rate so that your payment would be the same if they have done the principal reduction, because it’s not a permanent loss for the bank. If there is someone out there who’s telling you that they can have your mortgage reduced by tens of thousands or hundreds of thousands of dollars, it’s not going to happen and I doubt it’s going to happen anytime soon.
Duration : 0:5:58
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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 8 (Excerpt)
If facing financial issues make sure you hire qualified help, mortgage broker, financial planner, CPA and attorney
So with the real estate market, we know here in Arizona, there are literally hundreds of thousands, maybe millions of people that are confronted with a very difficult decision, declining home values, upside down in the home, the home value is worth much less than they actually owe, we need to give them options. If the option is foreclosure, short sale or loan modification, I would take the modification approach, most likely we would have to look at a person’s situation a little bit closely, but as I am going down some of the things that we have prepared for the show today, it looks like there are four main issues that people should know they need to consider, the cancellation of debt income, capital gains tax issue, the deficiency judgments side, and the credit report side and Mike, I know you can talk to some of these things.
But we brought up in the first segment what I think this might represent and then I think we started to talk about how Mike can help people minimize the impact of what that would look like on the tax return or eliminate based on the situation, so let’s make sure that the people know these four concerns are something they should consider as they seek advice.
Absolutely, and it’s really important that you talk to each arm of the team. You’re not going to be able to make all of these decisions just by talking to your tax guy, or your mortgage guy. They all need to be on the same page, because one of the decisions by one of the three is going to impact the other two aspects of the situation.
Mike, that’s a really good point. And thats one of the reasons why we work together, Brett and I are working together and you and Brett have been working together for years and the three of us have like ideals and also know for the most part what the ramifications are from any one of our decisions. And we make sure were able to do the very best for the homeowner every single time, whether it be tax, financial advice, or loan modification, or even refinance.
People forget that we talk so much about loan modifications. It’s kind of nice because youre listening to all these lying ads about refinancing and other crap that’s gone on out there But the reality of it is there is still money out there to lent. Were still helping people out with refinancing and refinance is the first thing people should try to do with a bank thats licensed by the federal government to do these types of high loan to value FHA type loans.
You cant muddle through the tax issues without Mike Patenella working with you, and you sure should not be making huge financial decisions without Brett Fallon and his team. So we all work hard to make sure that your ultimate goal is in your best interest.
I know were getting up to the end of the hour the show is about to draw to a close, but to just give people a sense that what were talking about today is the ability to have your personal financial situation accessed. Were going to take a look at modification options or refinance options. If your mortgage is distressed were no longer suits your needs. You’re looking to move whatever it is. We will look at your tax ramifications and Mike Patenella will be happy to go through those issues with you step by step basis. And I would be happy to take a look at your overall financial picture and give you some guidance or suggestions on things that will improve the financial situations.
Duration : 0:6:50
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Home Loan Modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss Mitigation Department. Go To http://RealEstateMarketingThisWeek.com
Part 7 (Excerpt)
Attorney negotiated loan modification process Going thru the Legal Door
We have Dan Havey with us talking about loan modifications. This segment we want to talk about the specifics of the actual mechanics of, how does it actually work for the homeowner? Let me just start it off and if you would then explain the back end of how it works. Our job is to determine where you’re at now, be very specific about where you’re at with your mortgage now, what the rate is, what it’s done, those specifics. How much you make? We have to help the lender with one thing which is to establish a hardship which is crucial to this. You can’t be making half $1 million a year paying $5000 a month in a mortgage, they are not just going to lower your interest rate because you want it. There actually has to be some sort of change, financial change, hardship.
We determined that and then there is a significant amount of paperwork involved, Velocity Financial takes care of that for you. We fill out the paperwork along with your help, review all of the documentation, we then recommend be right loan modification, whether it be an interest rate reduction, or extending the term of your loan, waiving some of the balance that you owe which is very very rare. To make sure that once we’re done with this whole process you can sustain and live in that house and be happy forever.
So the process itself really is not that much different than what people went through when they got their loan in the first place. That is correct and it’s kind of funny, this has to be exactly the reverse. There is paperwork that we need to collect on your mortgages, we check the value of the property to see where you’re at and in most cases youre underwater with the value. We dont do an appraisal though, there is no credit analysis, we do review your finances, and these sorts of things but essentially it’s just like doing a loan. What we’re trying to determine is exactly what is sustainable for you.
So what we do at the modification hotline at Velocity Financial is to put together the entire package, just like we do for a loan package because we basically send this to a underwriter, theyre not known as an underwriter they’re known as a loan modification coordinator but at modification hotline we are the first set of eyes. We work with you directly, getting all the paperwork in, getting it put together because we know exactly what has to be in that file, how it has to be stacked, how it has to be presented, before it goes to the loan modification coordinator who works for the attorney.
Then once it is at the attorneys office with their modification coordinator, they take a look at it, they make sure that everything is in there, they make sure that it is a doable modification. This all happens before it is ever presented to an attorney.
There are a whole lot of steps and there is a lot of paperwork. The process like you said is very similar to a loan with the exception that there are no costs of the title company and all that other stuff. Those dont exist, we dont charge an upfront fee, and we do collect a retainer for the attorney. At some point during our process we make our recommendations and we turn it in. Then the attorney does their due diligence and thats where I really want you to explain what happens, what are these attorneys looking for?
Well this is where it completely goes off track, versus what a homeowner would do if they were doing their own modification, because they would do everything we just talked about, they would fill out the paperwork, get together tax returns, pay stubs, whatever the lender wanted and they would present all of it to the lender. Now they probably wouldn’t know exactly how to stack some of the paperwork, and how to calculate some of the things that we know how to calculate, but they would put all that they work together.
Where the difference comes in is once it gets to the attorney because the attorney ultimately wants to get you a loan modification but they can’t just call up the bank and say hey I want loan modification, because he is going to get the same result you did. So what he has to do is he has to go through the file, and he has to look for things like, I am going to use a bunch of acronyms here, he’s looking for things like TILA, RESPA, HOEPA, HUD violations, all these different guidelines that the lender was required to meet while giving you the loan.
Duration : 0:6:47
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Some OF The Loans We Offer
PERSONAL LOANS Unsecured Personal Loan – Supreme Advances can help make your dreams a reality with an unsecured personal loan. Whether your plans include a vacation, a major purchase, school or consolidating your bills into one, simple monthly payment – we can tailor a unsecured personal loan to fit you and your budget! Applying is quick and easy and you can usually expect to have an answer in 24 hours or less. (Home ownership NOT required) Secured Personal Loan – Supreme Advances has been serving the needs of people just like you for over 7 years. Working together, we can help you pay off your credit cards, take care of unexpected expenses, pay tuition, buy furniture or take a well-deserved vacation with a secured personal loan. Your secured personal loan application will receive our immediate attention and a quick response! (Home ownership NOT required) Personal Line of Credit – Lines of credit are normally secured with real property, a line of credit gives you convenient access to a pre-established credit limit – when you need it most! Once approved, you can access this revolving line of credit simply by writing a check for up to your pre-approved, available credit limit. As you make payments to reduce outstanding balance, the amount again becomes available to borrow. (Home ownership NOT required) Signature Loans – We know in today’s world, credit is a necessity! You may be planning to make a major purchase, but might not want to obtain a secured loan or use your credit card. What you’d really like is the convenience of a non-revolving, signature loan.(Home ownership NOT required) to learn more about this life changing offer please visit our website at PrivateFastLoans.com
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