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Credit partner needed. $361k FMV w/$227k owed. HELP!

Home Forums General Deal Makers -Ground Partner Request – Investor Needs – EHT Opportunities Credit partner needed. $361k FMV w/$227k owed. HELP!

This topic contains 39 replies, has 0 voices, and was last updated by Avatar of red12 red12 10 years, 9 months ago.

Viewing 15 posts - 16 through 30 (of 41 total)
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  • #25091
    Avatar of janediehm
    janediehm
    Member

    1. Want to go short sale? Thanks to Obama-san, tax liability isn’t applicable right now.

    2. Do what I’m doing and SERIOUSLY consider going with the Living Free and Clear program.

    Whatever you do, best of luck! It sounds like you need it.

    Jane Diehm (who just joined Scott’s OCS program because she needs lots of direction, motivation, and just plain beating-up. You do what you gotta do!)

    #25092
    Avatar of sstanton
    sstanton
    Member

    @Jane wrote:

    who just joined Scott’s OCS program because she needs lots of direction, motivation, and just plain beating-up.

    Congratulations! You are in good hands, especially the ‘plain beating-up’ part :lol:

    “Obama-san”, I like that.

    Red, keep us posted, you are in goods hands here, plus a lot has happened in the last year that will benefit you. Hang in there!

    #25093
    Avatar of red12
    red12
    Member

    @JaneDiehm wrote:

    1. Want to go short sale? Thanks to Obama-san, tax liability isn’t applicable right now.

    2. Do what I’m doing and SERIOUSLY consider going with the Living Free and Clear program.

    Whatever you do, best of luck! It sounds like you need it.

    Jane Diehm (who just joined Scott’s OCS program because she needs lots of direction, motivation, and just plain beating-up. You do what you gotta do!)

    I wasn’t aware that tax-liability for investment property short sales wasn’t applicable.

    I’ll look at the LFC program. Haven’t been on this site in forever, so I’m out of the loop.

    #25094
    Avatar of red12
    red12
    Member

    After reading several threads and looking at the LFC site, I really don’t have the time or energy to learn an entirely new system (LFC). Could someone who is well-versed in it give me a call or shoot me an e-mail/PM?

    #25095
    Avatar of sstanton
    sstanton
    Member

    Look up Dave Salcido, he would be your huckleberry.

    #25096
    Avatar of corkhorner
    corkhorner
    Participant

    Dave is working ‘feverishly’ to grow the LFC training/support.
    One of my local LFC support group members refers to ‘transformation’ underway, referring to the situation with real estate mortgages/financing etc.

    Our group , in San Diego, are holding our own LFC support meetings to enhance the LFC process via info sharing and brainstorming.

    c h

    #25097
    Avatar of janediehm
    janediehm
    Member

    Is MS a non-recourse state? According to IRS Publicatio 4681, Page 11 Aamended 12/11/08, there is no tax-liability for debt forgiveness of non-recourse debt. This from Christopher Combs, areal-estate attorney writing for The Arizona Republic.

    Jane Diehm

    #25098
    Avatar of red12
    red12
    Member

    @JaneDiehm wrote:

    Is MS a non-recourse state? According to IRS Publicatio 4681, Page 11 Aamended 12/11/08, there is no tax-liability for debt forgiveness of non-recourse debt. This from Christopher Combs, areal-estate attorney writing for The Arizona Republic.

    Jane Diehm

    I don’t know the answer to that. Any idea where/how I could find out?

    #25099
    Avatar of janediehm
    janediehm
    Member

    The way I understand the difference is that lenders can go after other non-real-estate items to satisfy the deficiency, such as RVs, jewelry, other valuables. Ask the IRS first. Other suggestions might be a real estate group, a realtor, law library, the business editor of your local newspaper.

    That said, I’m NOT a lawyer and have no legal training, so take what I say with a ton of salt. Any legal beagle types can jump in at anytime. Hey, Bill might know! (Sorry, Bill, I didn’t mean to imply that you were one of those critters- just that you seem to have all that kind of knowledge on the tip of your tongue.)

    Jane Diehm

    #25100
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @JaneDiehm wrote:

    Is MS a non-recourse state? According to IRS Publicatio 4681, Page 11 Aamended 12/11/08, there is no tax-liability for debt forgiveness of non-recourse debt. This from Christopher Combs, areal-estate attorney writing for The Arizona Republic.

    Mortgage Cancellation/Settlement is not debt forgiveness, so I doesn’t matter if MS is a non-recourse state of not.

    #25101
    Avatar of red12
    red12
    Member

    @Scott_L._Moyes wrote:

    @JaneDiehm wrote:
    Is MS a non-recourse state? According to IRS Publicatio 4681, Page 11 Aamended 12/11/08, there is no tax-liability for debt forgiveness of non-recourse debt. This from Christopher Combs, areal-estate attorney writing for The Arizona Republic.

    Mortgage Cancellation/Settlement is not debt forgiveness, so I doesn’t matter if MS is a non-recourse state of not.

    So you’re saying there would be recourse on this loan, regardless? Specifically, tax liability for the differnce of a short sale?

    I just got hit with 1099s for a bunch of credit card write-offs from this year too. Should I not have?

    #25102
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    Try these on for size:

    With regard to the LFC Mortgage Elimination, there should be NO TAXES DUE because…

    1. No loan was given therefore no loan ever existed.

    2. “IF” there was a loan, it was “Paid in Full” already. Why would you get a 1099 for Debt Relief if the property was paid for.

    3. The Note is not “forgiven” or “written off”. Again, this IS NOT Debt Forgiveness.

    4. Because it is NOT Debt Forgiveness, there is NO 1099 issued.

    #25103
    Avatar of red12
    red12
    Member

    @Scott_L._Moyes wrote:

    Try these on for size:

    1. No loan was given therefore no loan ever existed.

    2. If there was a loan, it was “Paid in Full” already.

    3. The Note is not “forgiven” or “written off”. IOW, this IS NOT Debt Forgivness.

    4. No 1099 is issued.

    Sorry, Scott. You lost me. Could you clarify? Please.

    #25104
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    I modified my last post. See if that helps. I did not address other “debts”. However, there are strategies and methods for those too, such as A4V.

    #25105
    Avatar of faoff
    faoff
    Member

    @corkhorner wrote:

    Our group , in San Diego, are holding our own LFC support meetings to enhance the LFC process via info sharing and brainstorming.

    c h

    Aloha Cork!

    I’d be interested in attending these meetings. When/where are they?

    ~ Neil ~

Viewing 15 posts - 16 through 30 (of 41 total)

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