Posts Tagged ‘Loan’
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AppProcessor.com is loan modification software designed to help you process loan modifications fast, easy and efficiently! But best of all, everything is integrated.
Duration : 0:5:14
http://www.LoanModAdvisors.org Save My Home, loan modification, Foreclosure istance. We have put together tons of free videos answering all your questions about doing a Loan Modification.
Duration : 0:1:57
Your_Questions_Your_Money
loan modification Options
3-14-2009
Fox Business News
Dagen McDowell
Adam Schapiro
Duration : 0:2:38
First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Short Sales in Decades. Go To http://RealEstateMarketingThisWeek.com
Part 5 (Excerpt)
loan modifications are all the craze beware and only work with an Attorney
I have been a part of these broadcasts where we have talked about the loan modification concepts exclusively and to your credit Michael and your team at Velocity I saw you guys as being first to the punch if you will, first to start introducing this concept not only to the listening audience but to your clientele whenever it might be appropriate for the people who need to look at that option. Now I am seeing on street signs that are handmade and posted on street signs all over the city, call me for loan modification. I am hearing commercials and radio broadcasts that are discussing this loan modification concept; I have seen infomercials regarding this now so its becoming a bigger and bigger scope, its a big buzz right now and maybe you could tell me, and I already know the answer to this how long have you been doing this? And then what are the criteria for someone to consider this process?
Its funny that the loan modification concept is new and its the new buzz word and everybody is talking about it and everybody is doing it and it has been around forever. People have been able to do this for many, many years. The banks dont want your house back; they really, really dont. They may act like it and when you talk to them it may sound like they do but they dont. Velocity Financial is working with a national network of attorneys that have been doing this for 16 years, they have done thousands of these.
These law firms have represented thousands of home owners helping them, keeping them from going into foreclosure. You will see yard signs, street signs, advertisements. As you know Velocity Financial does not advertise, the radio station does play a spot because its important for people to know there is legitimate, licensed help out there. What I want to point out is if you have tried to do it on your own and it didnt work out, I am sorry about that and it doesnt mean it cant be done.
Most importantly you want to deal with somebody that you can sit across the table from, that is here locally, and you dont want to write a check to anybody other than a law firm. A licensed attorney needs to handle this, it is the best way to handle this. Velocity Financial does not charge an up front fee; we take care of all of the necessary paperwork, the discovery work. We do all of that and we dont charge for that. You do have to pay an attorney to represent you and after the case is done and modified and everyone is happy, they will pay us for the work that we have done. So dont work with anyone who isnt an attorney, thats my opinion.
In most states its the law and in Arizona its the wild, wild, west once again as usual, loan modifications are just not regulated but you know what, if you need a legitimate firm, if you need a human being to talk to and sit down with and lets get this thing worked out.
Well as you know Michael I started in the business about 20 years ago and the entire time I have really been working with attorneys. When I was doing loans for 12 plus years, I worked almost exclusively with bankruptcy attorneys helping to bail their clients out of bankruptcy and out of foreclosure, and I had been approached by other people and seen plenty of stuff on the internet about how you can basically buy a book online for $495, or go to a seminar, or do whatever and suddenly youre this loan modification expert after you read the book and filled out a couple of forms and that just doesnt give you the knowledge, the background and especially the negotiating ability that you have when youre dealing with an attorney…
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A loan modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment that you can afford.
Duration : 0:18:51
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Duration : 0:2:32
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
Cancellation of debt income reported to the IRS on form 1099 C
So we talked about 20 million homeowners are upside down on their mortgages, thousands of their homes are being foreclosed on every week, property values may still be declining in some areas. Homeowners are walking away, they are doing foreclosures, there is a deed in lieu that people may not be aware of, loan modifications in many different shapes, forms and fashions and short sales.
These are all things that do have tax implications that a lot of people are not aware of. Each has its own consequences thats why we have asked Mike Patenella, a CPA to be with us today on the air. Mike tells a little bit about yourself.
Well I am a CPA. I have been in public accounting since 1988, I have my own tax practice and operate out of Scottsdale, and we focus on tax-preparation, advance planning for high net worth individuals and small businesses throughout the Valley. I moved to the Valley in 1990 back from New York.
You know, I have had the opportunity to work with Mike as a strategic partner as well and I share a number of clients. Each time I have had the honor of providing him a referral for tax work the outcome has exceeded expectations, so I am really pleased to be part of the discussions today and to work with such a great group.
It has been a pleasure, and again if you’re talking about that strategic partnership, the financial power team, as our good friend Dan Havey likes to call it, the outcome is important, but when a client calls you up or a homeowner calls you up and says thank you so much for sending me to Brett or Mike, what a great job, wow. Thats the greatest, again Mike thats why youre here with us today
So we should probably dive right in. I know we’ve been talking a lot the last few weeks about loan modifications and how Velocity Financial can help in that regard. But, help me out, even for my financial planning perspective what are some of the implications of taking this approach. For example how does the IRS look at people who don’t pay back their debt?
Well they do have a record of who does not pay back their debt because the banks have to send a form 1099C to anyone who gets any debt forgiven and what that does is it lists how much debt youre able to walk away from. And the reason they want to track that is unless you qualify under certain exclusions that is taxable income to you.
A question for you on that and I honestly don’t know for sure the answer to this, so let’s use a simple scenario, my favorite one is a guy owes $400,000 on his house and he does a short sale for $300,000. A laymen would think that there is going to be $100,000 he is going to get a 1099C for, a 1099C form from the lender that they didnt pay the moneys back for. What about the other cost the lender incurred? For instance even though they sold it for $300,000 there are still real estate commissions, title, deeds all kinds of closing costs, and things like that, that the lender loses below that 300. Do you know if thats included?
Yes that would be almost like lending you additional money to cover those costs.
So in other words if I owe $400,000 and sell it for $300,000 in a short sale, the bank is going to spend $112,000 I saw in a report today, youre getting a 1099C for that right?
In that example yes
The foreclosure cost, I just read today, the average foreclosure costs $112,000, average cost, thats legal fees, carrying cost, all these different things. Thats a lot of 1099C income.
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FIXED RATE PRIVATE STUDENT LOAN CONSOLIDATION APPLY ONLINE Student Ratio qualification plays a major part in the decision-making process of a Student loan. There are two ratios that are calculated for most Student programs. One ratio is the housing ratio, also known as the Student front-end ratio. the other ratio method is Debt, or back-end, ratio There will be many a case in which your Student borrower will not meet the qualifying standards to qualify for a loan. There must be prevailing circumstances, known as compensating factors, to ask the Student lender for an exception. Which of the items listed below would be considered a compensating factor for an Student High residual income A typical maximum qualifying housing or front-end ratio for a Student conforming Student loan is 28%A typical maximum debt, or back-end, ratio on a Student Ohio conforming Student is 36% To calculate the decimal equivalent of a fraction for figuring the Student Ohio, you will need to divide the numerator by the denominator.the decimal equivalent of the fraction for 5/8 for the Student is 0.625 The good faith estimate for Student Ohio is a regulatory disclosure. When must the Student loan originator present a good faith estimate to the borrower No later than three days after the application is taken 25 basis points for a Student Ohio equal to? 1/4%. we cater all types of loans. visit our website to learn more.. Private Fast Loans Dot Com
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http://www.consumerwarningnetwork.com/2009/08/31/home-loan-modification-run-around-continues/
The foreclosure help run-around, as we call it here at the Consumer Warning Network, continues to rear its ugly head. For more than a year, we’ve told you about homeowners facing foreclosure who can’t get their lenders to work with them. We had a flash of hope with President Obama’s new Making Home Affordable program, but so far it’s been a disappointment. CWN’S Angie Moreschi was interviewed about the “Foreclosure Help Myth” in this in depth report by CNN’s Jessica Yellin.
Duration : 0:3:57