Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To 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 …
Rich Iacovetta of RMI Lending discusses the latest mortgage news. www.fbfriday.com for your latest mortgage and financial news with a humorous twist. A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present — canceling their debt to those ruthless bankers that were trying to toss them out on the street. Suffolk county Judge Jeffrey Spinner wiped out 5000 in mortgage payments demanded by One West Spinner pulled no punches and laid the smack down on the bankers of onewest saying, I will strike down upon thee with great vengeance and furious anger. Ok, he didnt use those exact words, but that would have been the dialogue if I made the decision that left Diane and Greg Horoski, owing absolutely no money on their ranch house in East Patchogue NY. This sets a VERY troubling legal precedent. A precedent that judges can forgive debt for citizens who legitimately owe the debt.
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www.americanprogress.org The bursting of the housing bubble and the resulting foreclosure epidemic have exposed major flaws in the US housing finance system. All agree that significant reforms are necessary in all areas of mortgage finance—origination, primary lending, and secondary markets for mortgage-backed securities including Fannie Mae and Freddie Mac—but there is little consensus on what the system should look like when reforms are in place. Featured Remarks: Reform Considerations in the Housing Finance System Michael Barr, Counselor to the Director of the National Economic Council, White House Welcoming Remarks David Min, Associate Director for Financial Markets Policy, Center for American Progress Moderated Discussion: Defining Progressive Principles for Mortgage Finance Reform Michael Calhoun, President, Center for Responsible Lending Jonathan Miller, Democratic Professional Staff, Senate Committee on Banking, Housing, and Urban Affairs (subject to Senate schedule) Susan Wachter, Co-Director, Institute for Urban Research, The Wharton School, University of Pennsylvania Kenneth Wade, Chief Executive Officer, Neighborworks Barry Zigas, Director of Housing Policy, Consumer Federation of America Moderated by: Sarah Rosen Wartell, Executive Vice President and Managing Director for Economic Policy, Center for American Progress
