loan modification
Tax on Short Sale, Loan Modification and Foreclosure – Recourse vs Non-Recourse Mortgages
http://realestatemarketingthisweek.com – Arizona is not a recourse state, so chances are you will not owe 1099 C Income –
Part 6 – In Arizona, typically its not a recourse state, so if they are telling you that theyre going to garnish your wages because you didnt pay back your entire mortgage, there is a local bank ,that was threatening a very good colleague of ours about a small second mortgage that person had taken out. Threatening to send it to collections and garnish her wages. It simply isn’t going to happen.
But nevertheless, there is still the tax implications that apply, if you need to navigate through this maze. There is a lot to it, you need to protect yourself. You talked about bankruptcy is one of those exclusions, right? One of the problems with bankruptcy is people dont understand the bankruptcy laws. They are so tight now and your feet are really held to the fire from the federal government right now. It’s not like you just didn’t make your mortgage payment, so you go file bankruptcy, it’s just not realistic. Assuming bankruptcy is the last resort option for everybody. And we certainly want to avoid that, it would not be sound financial advice from any credible source that I can think of.
Let’s walk through a case scenario, somebody who is listening to this broadcast, their head is spinning right now, they’re thinking, oh my gosh. I should have known about the tax implications, a short sale versus loan modification. Let’s start at the top and work through a quick scenario. And then we’ll point out the specifics of what they should be considering right now.
For example, we talk about this all the time and to your credit Michael Barnes and to Velocity Financials credit, you were early in bringing out the loan modification for people who were in a distress situation regarding a mortgage, maintaining or keeping up with the mortgage payment. So you started going down the path where the refinance started to become a much more difficult option, with new constraints and all the other factors that led to part of this economic crisis, a loan modification has become a buzz topic today. Driving to the station today, driving down Camelback Road, I see a sign on the corner. You know, one of those stick in the ground, homemade jobs, that says don’t refi a Loan, modify, with some success rate and the phone number.
Hang on there I want you to say the success rate. The sign literally said, 99% success rate, and it goes back to the point that you made when they say that they can reduce your mortgage principal by tens of thousands, hundreds of thousands of dollars, thats the absolute last resort for any lending institution. Thats not what this is about, so let’s start with that, then we will work on the tax ramifications of how that might work in the overall financial strategy.
I am familiar with the loan modification industry here in Arizona. There is no regulation, unfortunately. We at Velocity Financial work with a national network of attorneys, so if you’re the guy in El Centro California, or youre in Phoenix, or youre in Alaska it doesn’t matter where you’re at. We have someone who is an expert in that field in that state because the laws are different. But without the regulations some person with the ugly yellow sign on the side of the road says he has a 99% success rate, I don’t believe him it’s probably not using an attorney, who knows, dont buy into that garbage. Were going to tell you the truth, if we cant do a loan modification, we will tell you that we cant do it. And if a loan modification is not the best thing for you, you can find the some of these other options… http://realestatemarketingthisweek.com
Duration : 0:5:19
mortgage loan modification program that can save your house.mp4
http://budurl.com/60minloanmod
mortgage loan modification program that can save your house
Listen: if you can follow a laid-out, easy-to-use instruction, a 60-minute work from you will (1) REDUCE your monthly interest rate, (2) EXTEND the length of time you would have to pay the loan, and (3) even REDUCE the total amount of your loan! Guaranteed!! Yes, you can modify your monthly payment in the most convenient and most manageable way you have always wished.
Loan modification is an agreement between you and your lender to modify or change the terms of your loan. This is an appealing and fair option for lenders to not pursue foreclosure or any legal action against you. The process lenders would do would cost them $50,000 and this makes them open to the idea of loan settlement instead of pushing for an expensive and lengthy process. AND because lenders come to the point of frustration, they would all be yearning to get back their cash. THIS would make the possibility for you to settle your loan compelling them to agree at YOUR most convenient payment term, even up to the point of excluding the interest which would make you ACHIEVE a reduced total amount of loan.
Anyone having trouble paying their mortgage like you should be on your way to getting your own Loan Modification. If you have received a notification, you need to take action right away to establish or maintain a good credit record. Each passing day, your options actually diminish so the time to act is now.
You might think “ya, right! like I can pull that off. There are a lot of legal and financial stuff involved. These can be extremely complicated and I better leave it to professionals!” Wrong, Wrong, Wrong. You have been misled unintentionally or, in most cases, intentionally. A loan modification process should not take months of hard work! We can prove it to you. A customized and experience-based system will actually take you ONLY 60 minutes to completely modify your loan!
NO 2 loans and NO 2 borrowers are exactly alike so this system has outlined a specialized solution for each different situation in an easy-to-use system.
The WORST thing you can do about your increasing loan is doing NOTHING! Click the link below and follow the step-by-step method you must do to (1) REDUCE your monthly interest rate, (2) EXTEND the length of time you would have to pay the loan, and (3) even REDUCE the TOTAL amount of your loan! Just click the link and you will see the proof with your own eyes that a successful loan modification can be done in 60 minutes.
Take action TODAY and save your house.
mortgage loan modification program that can save your house
Duration : 0:3:21
ABC News – Nightline on Loan Modifications
paretti72http://gdata.youtube.com/feeds/api/users/paretti72NewsBank of America, Indymac, Congresswoman, California, iModz, Loan Modification, Help, Foreclosure, ObamaABC News – Nightline on Loan Modifications
Duration : 0:7:59
Loan Modification, Home Loan Modification, Mortgage Loan Modification, Mortgage Modification
http://realestatemarketingthisweek.com/real-estate/congressman-barney-frank-is-calling-for-the-restructure-of-the-loan-servicing-business/ – Congressman Barney Frank is calling for the restructure of the loan servicing business –
Part 2 – Well, in the past we have talked a lot about loan modifications and since the first time we started talking about loan modifications the whole space has changed. Everything about loan modifications since our very first broadcast talking about it, we don’t talk about it every week, but we do talk about it allot. It has changed so much, when we started anybody who had a significant hardship, or financial hardship, or had one of these toxic mortgages, that had adjusted, would be able to qualify for a loan modification. These things have changed all of a sudden, and not all across the board. Brett you made a comment earlier that people are concerned that once these servicers do these modifications they could be subject to lawsuits right?
Yes, it is amazing how quickly things have changed over the course of the last couple of weeks, it seems this information, and this news is changing almost hour by hour, at this point one of the things that came out regarding this mortgage modification program is from Barney Frank, “Congress should act to restructure the servicing of home mortgages.” So the idea is that they are catching on to something that you and your team at velocity financial were ahead of the curve on in terms of loan modifications.
Knowing that those rules for a hardship and why you are entitled to one have definitely changed. Now it is more of a situation where in order to stop foreclosure, to stop the problems associated with this mass foreclosure market place, modifications are being talked about amongst the banks now. Barney Franks comments today, he stressed how these voluntary inducements to get these private entities to protect homeowners from the government has fallen short, and Hank Paulson has fallen short of putting their weight behind this concept.
Although I personally believe that is the next evolution of this. Loan Modifications are a critical step for people who are feeling this economic crisis, and for people who want to stay in a home, for people who need this type of assistance. The idea is you have a short window of opportunity here before something else significant changes where you may no longer be entitled to.
You heard Citigroup, you know this we talked about it, Citigroup came out and made the announcement that they were going to suspend their pursuit of foreclosures in certain areas of the country that have the highest unemployment rate, that was the caveat. We will see how big the scope of that gets, but the whole idea is for you as a mortgage owner, as a home owner with a mortgage, if you need to establish a modification to an existing loan, in order to have more favorable terms in interest, a more favorable monthly payment, a way to keep that home, you have to look at this option.
Yes, and I appreciate you saying that one of the things that Citigroup announced they were going to be doing was giving people teaser rates of 1%. Look anybody with a brain can realize that that is ludicrous. What got us into this situation in the first place was huge banks, just like that one, giving people toxic mortgages, with fake interest rates, and pick your own payment, do whatever the heck you want to. It is exactly what they are trying to do again.
Essentially what they are talking about is giving people a short window of a very low interest rate, but they are going to be back in the same situation in the future. That’s why the loan modifications that we do, that we hire on your behalf, the national network of attorney’s that we use. We go for the throat, we are not looking to get you a 1% interest rate for the next 12 months. We are looking to get you a lifelong, or for the term of the loan if possible, the very lowest interest rate available, and fix it or extend the term so you can actually sustain that payment well beyond the short term.
One thing I want to point out before we have to go to a break, if you know of anyone out there, that has a GMAC mortgage, whether it be a GMAC first mortgage or second mortgage, you have got to tune in to the second segment you are not going to believe this scam that’s out there, going against people with these loans… http://realestatemarketingthisweek.com
Duration : 0:5:49
http://www.uinline.comA Complete Guide to the Loan Modification Process – Part 1 of 3
www.helpUmodify.org is a not for profit consumer advocacy project helping distressed homeowners avoid the lures of empty promises and predatory tactics of sub-prime modification outfits trying to collect upfront fees for promises of results.
This is the first in a 3 part series that explains the loan modification process from application to acceptance. The purpose of this Complete Guide to the Loan Modification Process is to educate and empower home owners to better understand the process and improve the chances of a favorable outcome
Duration : 0:8:54
A Complete Guide to the Loan Modification Process – Part 2 of 3
www.helpUmodify.org is a not for profit consumer advocacy project helping distressed homeowners avoid the lures of empty promises and predatory tactics of sub-prime modification outfits trying to collect upfront fees for promises of results.
This is the second in a 3 part series that explains the loan modification process from application to acceptance. The purpose of this Complete Guide to the Loan Modification Process is to educate and empower home owners to better understand the process and improve the chances of a favorable outcome
Duration : 0:9:10
Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 8 Nov08 Qualified CPA & Attorney
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
Loan Modification Expert Moose Scheib on Fox News with Neil Cavuto
Loan Modification expert and CEO of LoanMod.com, Moose Scheib discusses the current foreclosure crisis and the role loan modifications have in stabilizing the housing market on The Neil Cavuto Show on January 7, 2009.
Duration : 0:4:46
Loan Modifications, Loan Mods, Stop Foreclosure, Save your home, Forebearance, Deed in lieu
Learn about loan modifications and why they are predicting over 12 Million homeowners will do one this year.
Duration : 0:6:21
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