Stop foreclosure, renegotiate and workout your home Loan. Predatory lending is not your fault. Know your options. We can help. We’ll visit you at your home or we encourage you to attend one of our workshops.
Visit http://www.i-spots.net/homeloannegotiators for more information.
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Duration : 0:0:31
http://newbraunfels.trustar.us/
Purchasing investment real estate for the first time can be a uniquely gratifying and frightening experience that combined with the current tough lending economy will deter many new property investors who would like to enter the market. It is absolutely imperative to remember that this situation we find ourselves neck deep in is not permanent. It too shall pass.
You will not find a better time to buy than now, it is a definite buyers market, but it will not remain. However, before you can even purchase the property that you want, you will have to investigate investment property loans and get approved for one as well.
As you have probably heard, if you are paying any attention at all to the economic news, banks are in trouble and it is more difficult than ever before to get a Home Loan. However, that does not mean it is impossible to get a Loan, it only means that your investment property loan may require more from you than it might have three years ago. You will find thousands of homes on the market, that have remained on sale for many months when you browse the local real estate listings.investment propertypropertyreal estatereal estate investment
Duration : 0:9:36
Buying a foreclosure or short sale is basically the same as buying any property on the housing market. You may be able to get a good deal on a foreclosure or short sale if the market is full, but the market value and property value in your area will drive the pricing and financing the Loan. Watch this Expert Real Estate Tips video for more information about short sales and buying a foreclosure.
Duration : 0:1:59
http://realestatemarketingthisweek.com/taxes/expert-tax-advice-from-a-cpa-regarding-real-estate-related-issues/ – Expert tax advice from a CPA regarding a real estate related issues –
Part 1 – 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… http://realestatemarketingthisweek.com
Duration : 0:5:25
http://getwealthyfl.com Home Loan Mortgage Approval.
When buying a home, the process can be seriously stressful. Hey, no pain, no gain. Getting pre-approved for a mortgage loan can seriously reduce stress.
Sellers are asking Buyers proof they can buy with a pre-approval letter; not even accept offers from potential Buyers until they know they can buy. http://getwealthyfl.com
Duration : 0:2:39
http://easyabc.info Home Loan Mortgage Approval.
When buying a home, the process can be seriously stressful. Hey, no pain, no gain. Getting pre-approved for a Mortgage Loan can seriously reduce stress.
Sellers are asking Buyers proof they can buy with a pre-approval letter; not even accept offers from potential Buyers until they know they can buy. http://easyabc.info
Duration : 0:2:39
http://inflation.us/
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Purchase Demand In Freefall. Housing Industry Unraveling
http://www.Mortgagenewsdaily.com/06022010_housing_unraveling.asp
Purchase applications are now almost 40 percent below their level four weeks ago, while the refinance share, at 74 percent, is at its highest level since December,”
Duration : 0:3:57
A rundown of the U.S. financial crisis stemming from sub-prime Mortgages.
Duration : 0:2:10
http://realestatemarketingthisweek.com/loan-modification/why-you-should-use-a-licensed-attorney-to-negotiate-your-loan-modification/ – Why you should use a licensed attorney to negotiate your loan modification –
Part 1 – Dan Havey thanks for taking the time to be with us tonight. Thank you Michael for having me and you are absolutely right 2008 for many people was a very tough year. Tough year for pretty much everybody that I know, how many banks have we lost in 2008? Hopefully the bleeding is gone; hopefully there arent too many more banks to fail. Quite a few banks have picked up some of the slack, but the reality of it is so many people have been faced with such hardships, we have solutions that we are maybe going to talk about today that they can look forward to, to make 2009 a great year.
Definitely that is what we are doing here with your organization at Velocity Financial and with the Modification Hotline and with many of the other things I am working on right now to help people out. When I first got into this business it was back in the late 80s, I moved here from Wisconsin after getting a degree in finance and I started selling repos for Fannie Mae, Countrywide, and the RTC. The Resolution Trust Corporation was responsible for getting rid of all the real estate owned by the over 1,800 S&Ls that failed. So I cut my teeth selling those reposed properties and got to know a lot about the laws and worked with a lot of attorneys and then in the mid 90s I moved into the mortgage business, and I immediately started there working with bankruptcy attorneys for the most part.
I was helping people get out of their bankruptcies, chapter 13 bankruptcies, to avoid bankruptcies, to stop foreclosures and I did that up until the fall of 2007 and at that point the market really changed for me as we know most of the subprime financing went away. Some people might look at me and say, my god you gave people subprime Loans, well if you are in a chapter 13 bankruptcy and your payment to the trustee is $1,500 a month and I can get you out of bankruptcy and reduce your total monthly outlay by $1,200, your mortgage payment would go up a little bit, I think this is a really good use of a subprime loan. And I certainly never had any complaints from anyone when I got them out of bankruptcy or I stopped their foreclosure and saved their home.
So late last year I moved out of the mortgage business for a while but I never really left it because it is pretty much what I have done my entire adult life. Over 20-25 years I have been involved with real estate, Mortgages and finance and I worked for a while for about 6 months last year on a model for an idea that we came up with of being able to accurately predict the top and bottom of all real estate markets and we perfected it for Arizona and most of California. It worked really well to the point that we could actually predict the bottom of the market 6 months in advance and then after the bottoms hit all across the country we kind of stopped working on it.
It is one of the things I am going to start working on again over the next few months. The title of the book is Real Estates Future and you can go to my website at http://realestatesfuture.com and get a copy of that if you want to, it is not available yet but just put in your information and I am going to give away a whole bunch of free copies of it.
The reason why I went through this entire story is because a few months ago Michael and Velocity Financial came to me and said he was going to do loan modifications and I had been approached by other people and I had seen a bunch of garbage on the internet and the thing that he said to me that sold me was, You know Dan, you have to understand, were using attorneys to negotiate these loan modifications.
And that is, I didnt mean to interrupt but that is the key; that is one of the reasons it took us so long to get in. Even though Velocity Financial was at the very beginning of this mad craze, heck you cant drive down the street without seeing a sign that says loan mod, kind of like back in 2006 in the heyday of the mortgage business where you couldnt drive down the street and see a sign that said, if your mortgage payment is more than 1% you are paying too much. Well now everybody is jumping into the loan modification game and it is dangerous.
And that is exactly it, it is every unemployed loan officer has gotten into the loan modification game and I guess I am guilty of the exact same thing. It is just after having 20 years experience of working with attorneys, I know what they are capable of doing, I know how they can go in and negotiate and the biggest thing is they are there to protect the home owner, to protect the consumer, to protect their client because they have a fiduciary responsibility to that client… http://realestatemarketingthisweek.com
Duration : 0:6:29
http://realestatemarketingthisweek.com/taxes/Mortgage-forgiveness-debt-relief-act-of-2007-one-exception-to-paying-cancellation-of-debt-income/ – Mortgage Forgiveness Debt Relief Act of 2007, one exception to paying cancellation of debt income –
Part 5 – Welcome back to the Velocity of Money I am Michael J. Barnes Arizona’s and I’m with Velocity Financial and were here every week talking about all matters financial, regarding real estate as well as finances. Brett Fallon is back on the air with us again along with Mike Patenella who is a certified public accountant for the last 20 years and amazing brain, were glad he’s back on.
Mike we were talking before the break about loan modifications, my point before going off the air was that people think they’re going to get this huge amount of money waived on a loan that they have, realistically what most loan modifications are going to look like is extended term, significantly lower interest rate, generally a fixed interest rate for the entire time, and in some cases they will do some principal reduction, and there is some exclusions for people having to pay tax on that, is that correct?
Yes, there is, before I get into that keep in mind that with taxes normally not one rule applies to everybody, were going to talk general but everyone’s going to have their own specific situation, that they’re going to have to really check with somebody and make sure they’re doing the right thing. In 2007 in response to the economic situation, they passed a mortgage forgiveness debt relief act which essentially allows people to not pay tax on $2 million dollars debt forgiven on their principal residence. Thats in regard to be principal reduction, Loan modification.
Right, so in your example if $50,000 of your loan is being reduced, if your situation fits, under this new law, we might be able get you to avoid the tax on that.
Once again a very good reason for you to go to a professional CPA like yourself for that help, not something the average person is going to be able to figure out on their own. You have to keep up on the tax law and that’s almost a full-time job.
Hey how many pages is that tax code now? On last count I heard you say it was something like 9000 pages.
I don’t know the exact number of pages I know it’s in the several thousand and as Mike knows quite well, and I am aware of also is the tax code has been morphing and changing more than I have ever seen in my entire career here recently. Going back to the tax act of 2003 to the present there have been literally hundreds of changes. So for the average person whos listening to this broadcast who is considering a loan modification, trying to take care of a portfolio, and take care of their taxes at the same time, WOW! Good luck to you
So exclusions to the income, can we talk about a few different ones?
Sure bankruptcy is one exclusion, if you’re filing bankruptcy; the other one is if the taxpayer is insolvent which essentially means that their liabilities exceed their assets. When you factor in assets you factor in retirement accounts and all that, its not that easy to fall under that one.
Oh so the value of my 401(k) goes into that on the other side of the balance sheet. So for the most part if you dont fall into one of these two youre going to try to rely on this new tax law to exclude some of the debt forgiven.
How long ago was that past? I am sorry I don’t remember, was that August of 2007? It’s called the mortgage forgiveness debt relief act of 2007 and it only applies to qualified principal residences. Is that ongoing? Is there a cap on the time?
Well originally it was set to expire at the end of 09. Then in 2008, since the economy kept getting worse they extended that another three years or so through 2012
Well we hope were all well through of this mess sooner and we won’t have to need this any longer after 2009. Actually I want it gone now… http://realestatemarketingthisweek.com
Duration : 0:6:20