28
Jun
Inside Look – Record Low Mortgage Rates – Bloomberg
Author: admin // Category: mortgage rates
Analysis and Discussion with Christopher Harms of Capitalsource Finance (Taking Stock)
Duration : 0:8:29
28
Jun
Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 4 Nov08 Interest Rate & Payment
Author: admin // Category: mortgage loan
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
28
Jun
Inside the Subprime Mortgage Lending and Housing Crisis
Author: admin // Category: subprime mortgage
www.lendingsanity.com. A subprime lender provides an inside look at the housing and mortgage crisis in his new book. Go to www.lendingsanity.com and download the first chapter for free.
Duration : 0:1:42
28
Jun
You’re invited to the CMLA 19th Annual Mortgage Lenders Fair
Author: admin // Category: wholesale mortgage
Bob Montoya, Executive Director of the Colorado Mortgage Lenders Association, personally invites you to the 19th Annual Mortgage Lenders Fair on Friday, March 5, 2010 from 9:00 a.m. to 4:00 p.m.
Duration : 0:1:31
28
Jun
Franklin Raines Calls for Fannie Mae and Freddie Mac Reform
Author: admin // Category: franklin mortgage
Franklin Raines, former CEO of Fannie Mae, said financial reform will not be complete without reform of Fannie Mae and Freddie Mac, in an interview with CNBC this afternoon.
CNBC: “The president spoke forthrightly about the need for financial regulatory reform. But I don’t believe I ever heard him mention the words Fannie Mae or Freddie. Can you really reform finance in this country without reforming Fannie and Freddie?”
Raines: “In terms of reform dealing with “Too Big to Fail” and those issues, I think that ultimately you can’t have a completely reformed system without figuring out what you’re going to do with these two very large companies…”
Duration : 0:0:47
Twice he wad denied and told NO
The Seller’s Realtor Suggested I call a Mortgage Advisor She Knows Who Can Work Miracles…
Duration : 0:9:56
28
Jun
Personal Finance : How to Become a Licensed Mortgage Broker
Author: admin // Category: mortgage lender
In order to become a licensed mortgage broker, there is a state-certified course that needs to be taken, and there also needs to be a full background check. Learn about recent changes in licensing requirements with help from a financial services manager in this free video on becoming a licensed mortgage broker.
Expert: Matthew McKillen
Contact: www.excelmortgage.com/
Bio: Matthew McKillen brings 21 years of industry experience in arranging loans for his clients.
Filmmaker: Christopher Rokosz
Duration : 0:0:49
28
Jun
Commercial mortgage loans, Hard Money or FHA- Lenders bidding you decide
Author: admin // Category: mortgage lenders
Instant results, to get 6 or more bidding lenders use the links below:
all loans: http://www.lendinguniverse.com
Commercial loans at;
http://www.lendinguniverse.com/BorrowersCommercial.asp
Hard money loans at:
http://www.lendinguniverse.com/BorrowersHardMoneyLoans.asp
Land Loans at:
http://lendinguniverse.com/BorrowersLandLoan.asp
Ranch and Farm at:
http://lendinguniverse.com/BorrowersFarmLoan.asp
Constraction loans at:
http://lendinguniverse.com/BorrowersConstructionLoan.asp
Logged in for any possible other real estate loan. Social Security is not required. You will post a short request, not a loan application, and it will be reviewed by top lenders- you will decide.
Duration : 0:1:17
28
Jun
Nov 2006 Peter Schiff Mortgage Bankers Speech Part 6 of 8
Author: admin // Category: mortgage
In 2006 Peter Schiff tells over 1000 mortgage brokers they are about to be out of jobs. Watch how he completely nails the coming real estate/mortgage debacle before anyone else even realized it was coming.
Duration : 0:9:56
28
Jun
Naples, Florida Short Sale – Foreclosure Home for Sale
Author: admin // Category: fl mortgage
Home for sale in Victoria Park in Nort Naples, Florida. Great location, desirable community! SHORT SALE!!!
Duration : 0:3:34