Loan Modification

Jon Bellomo, VP of Operations of Mortgage Recovery, discusses the Real Estate Settlement Procedures Act and Truth in Lending laws and how they can relate to Loan Modifications.

Mortgage Recovery completes a full forensic audit of each client’s file to ensure they have not been the victim of predatory lending; as a precursor to assembling a thorough Loan Modification proposal. The result is more successful Loan Modifications and more families saved from foreclosure.

Duration : 0:2:18

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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.

Duration : 0:6:23

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First Time Home Buyer Tax Credit of $8000. Government Loan Program & FHA Mortgage w/Low Interest Rates and Fees. Low Down Payment to Purchase Lender Owned Foreclosures. Go To http://RealEstateMarketingThisWeek.com

Part 1 (Excerpt)

Interest rates hit bottom, first time home buyers should buy before the prices go back up

We have a special guest back in the studio today. Dan Havey has been a great promoter for Velocity Financial . Dan and I have been working together for about 14 years now. Dan has brought with him some really, really interesting facts and figures for people who are wondering whats happening, wondering if we are at the bottom of the market, wondering how much further we are going to have to go. We are going to talk about lots of different things like that. Hes got some really good information, in my opinion some good stuff, some good solid data to make some good decisions about whether or not you should or should not buy right now.

So, Today was the official day that President Obamas Plan was rolled out. It was designed to help some 8 to 9 million homeowners, responsibly homeowners they called them, people who purchased homes at the peak of the real estate market with 20% or more down. The plan is just so darned convoluted, it is very complicated, people are calling wondering whats real, whats not real, whats going to happen. The bottom line is about 19% of all the homes were financed utilizing Fanny Mae or Freddie Mac financing. People, who have Fanny Mae or Freddie Mac loans, these conventional type loans, that put 20% down, that used full documentation, which means tax returns to qualify for the loan, those are the only people that are actually going to be helped with this program, and there are so many little caveats to it. I believe its not going to help nearly the number of people as intended. Its very unfortunate that its just not going to be as popular as we thought.

The other thing that people were hoping for, and we have heard this a lot that they are waiting for mortgage rates to get down to 4%, it is not going to happen. If you are out there ready to refinance but holding out waiting for rates to get back down to 4% you need to get off the fence and get something done now. The trend is upward, mortgage rates are going to go up, yes the Fed is buying mortgage backed securities so that should help a little bit. The reality of it is 4% is just not going to happen in this lifetime, so if you are in the middle of the process find something that works good for you and make it happen.

The other thing we are going to talk a lot about today is when rates do go down, which there very well may be a little dip in the next couple of weeks everyone tries to rush in and take advantage of that rate and thats not really what you should do. What you should do is get in with your lender and get the information to them now so they can start working on your loan, put your case together and have everything ready to go so if the rates do drop you will be ready to execute immediately. Interest rates are really good and we are going to spend a lot of time talking about interest rates and how to buy a home, first time home buyer programs and things like that today. But I just had to mention that I get this question all the time when can I lock in 4 and a half or 4%? Well there you go thats my prognostication I am certain that I am right but we will just have to see as time goes on…

Duration : 0:5:32

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Attorney Negotiated Home Loan Modification for Home Owners. Expert Advice on Real Estate and Mortgage. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com

Part 8 (Excerpt)

B of A and Countrywide pay $150M fine for deceptive mortgage practices

I have here in my hand something from the office of the attorney general Terry Goddard, this is in regard to B of A and Countrywide. The state has alleged that prior to 2008 that Countrywide used unfair and deceptive tactics in its loan originating and servicing activity and placed borrowers in structurally unfair and unaffordable loans. These are not my words folks this is from the office of Terry Goddard the Attorney General of Arizona

They are talking about lowering peoples rates for the first year only. Look a good loan modification, you dont need a 12 month reprieve if you are 2, 3, or 4 months behind on your mortgage, it is going to take a little bit more than 12 months to get back on your feet.

I was going to say what an important point that you are making is because the announcement today by Paulson regarding the money not being used to buy these bad mortgages any longer, because of Barney Franks comments about how banks need to do more to help avoid foreclosures for mortgagees, what that really is amounting to for me as someone who studies the financial marketplace every single day as part of my profession, what that really amounts to is banks being able to set terms, and the short term reprieves, and the importance of what you are doing right now is critical for people to understand.

You are ahead of the curve, you go to the bank for these modification purposes, you take the proactive steps to make the terms suitable for you, my point is if the bank, by Terry Goddards letter, already has asserted that they have made some type of poor judgment in the way that they treated their mortgagees or the people that they gave loans to, why would you then go back to that bank as the owner of that mortgage and try to negotiate with them on your own? Why then would you have the trust in them that it was going to work to your best possible out come? I find that to be absurd.

You are absolutely right; they have essentially admitted to it, they have a $150,000,000 settlement. I just want to throw one more thing out there, they have a $150,000,000 bill that they have to pay because, according to the Attorney General, deceptive business practices, a hundred and fifty million dollar check that they have to write, somebody is going to have to make that up.

And that is a good point, the point of this would be to take this action yourself prior to these banking institutions making the decisions on your behalf, theyve already done this, they have already made those decisions on your behalf, whether or not you knew exactly what type of loan program you were getting involved with when you took out the loan and all of that.

If you find yourself in a position of not being able to maintain your existing mortgage payment under the terms that you have been issued by the bank, modification is something you should consider, you make the terms going forward, you should use the professional expertise and the negotiating abilities of these attorneys that specialize in this area and make this work for you before the rules are placed at your feet yet again.

We talk about people doing this on there own, what I see being the problem is they are going to send you out a packet of paperwork, maybe email it to you or fax it. I have seen the paperwork that they send out, it is more than 36 pages of legalese, once it goes back it is going to sit in front of the loss mitigation department in a stack, Ive seen the stacks, literally thousands of cases sitting there waiting to be reviewed by someone who may very well not be qualified to make a real decision, in my opinion using the loss mitigation department at the bank you may be dealing with a clerk that was answering sales calls for someone else two months ago.

Versus going to the legal department and dealing with those individuals directly. There is no doubt you absolutely have to use professionals, you need to put your head on the pillow and turn this over to somebody who knows what they are doing, an expert negotiator, a paid attorney that does this for a living, put your head on your pillow and keep your family safe in your home…

Duration : 0:6:10

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Facing Foreclosure on Your Real Estate Mortgage, Short Sale & Loan Modification are Alternatives. Hire an Expert Short Sale Negotiator, Experienced Real Estate Agent. Go To http://RealEstateMarketingThisWeek.com

Part 3 (Excerpt)

Short Sale Objections, Advantages and Hardship Letters; Keeping the Home Owner in the Home helps fight vandalism

One of the things I mentioned at the beginning of the last segment is this special allotment of funds that we received from one of our mortgage banks that we currently have available, a 30 year fixed, no pre payment penalty this is the real deal just what youre looking for a 4.875% interest rate with an APR of 4.95% and that is available we do have people at the office right now if you have questions in regard to that they can answer them for you. You would call 480-Velocity

Michael, I have some clients who are buyers that would love that rate. Is that available to buyers as well? Actually, yes its that rate is for a no cash out refinance, no higher than 80% LTV, they have to have perfect credit to hit this number but even in some cases, well with this particular loan there are some closing costs, but one of the things we have available too is a no cost option and that interest rate is for people who are doing the purchase or refinancing and that rate is only 5.5%. The interest rate is 5.5% and the APR is 5.5% so that is for purchase money as well.

Were back talking here with Jeri League and Kalyn Roberts, were talking about the objections to doing short sales, there is another one you wanted to point out Jeri?

Yes, one more objection that people often have when we talk to them about their particular situation is that people feel that they have to be behind on their mortgage payment in order for a bank to consider a short sale and that is not true, the bank analyses everyones entire situation, we have people write a hardship letter, they want to see your financials and there is an entire situation not just being behind on your mortgage payment.

Your hardship may be that youre being relocated by your employer and you simply cant sell your home for what you owe on it due to todays market conditions. The banks will definitely look at that.
People think that the key is that you have to be late but that is not the case. That is really good to know, so we talked about the objections or the pitfalls rather what about the advantages to doing a short sale?

The biggest advantages to doing a short sale are: that its less impactful on your credit typically than a foreclosure and one of the most exciting benefits is that we can often extend the foreclosure and keep you in your house longer. In Arizona banks have a right to start a foreclosure as soon as youre over 30 days late on one mortgage payment. In todays current economic situation most banks are not starting that process for three to six months, but again that is most banks. They can start after one month.

Yes, but once they start the foreclosure process its a 90 day process in Arizona. So you will get a notice that says basically you have 90 days to come current with the note or to move and they are taking your house and selling it in 90 days. Now once we start the short sale process many times we can extend that foreclosure date.

I have personally done one that we had the home owner in for almost a year from when they stopped making their mortgage payments. Its not uncommon to be two or three months past the original foreclosure date that they gave you which of course gives people a lot longer time to decide what they are going to do, especially if its a family, they are not in such a rush to move, they can keep their kids in the same school district, there are so many reasons that that is a good advantage.

So Kalyn the truth is that homes that are occupied generally are better off and easier to sell than vacant homes right? So long as people are in the house and taking care of the house, if the house looks lived in but not trashed. What youre saying is lenders would just as soon leave them in the house then to have it vacant and potentially vandalized.

Definitely, the lenders prefer to have somebody living in there because they are taking care of the home, like you just said when the homes are vacant there is a high risk of them being vandalized, unfortunately and the worse the economic situation in the country gets the higher the vandalism rate on homes goes. In fact we were talking with a realtor in our office who typically takes listings in some of the lower income areas in town and they are going to stop putting signs on vacant listing because they are getting vandalized so much.

Duration : 0:6:19

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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 7 (Excerpt)

Beware of grandiose claims when dealing with a loan modification firm.

You know I am glad that were back, when we went to the break we were talking amongst ourselves about some of these concepts, I really want to bring this back down to the listeners. So they really understand what this means to them. You have three strategic partners, each of them experts in their field, sitting around these microphones in the studio talking about how these factors have an impact on the listening public, the people listening to this station right now.

Velocity Financial is an expert in all things mortgage related. It represents the largest asset many people have in terms of their home. What were talking about is, we know the economic pain that exists, you probably read that Arizona has the dubious distinction according to the Case-Schiller index of having the highest property value declines in the country. People are feeling some pressure here and for those people who want to consider what a loan modification might do for them, should call you and talk about what that represents.

Then from there, you can refer them to people like Mike Patenella to talk about the tax ramifications, Mike can speak to some of those items and I can talk about their overall financial planning. But to start with let’s talk about what the loan modification process really represents and who can benefit from.

We have talked about all the different things you can do with your home as a home owner, there is the loan modification and there’s several different types of loan modifications, there is the option of a short sale, which can have huge tax implications that people may not be aware of. There is the option of foreclosure, which is almost the last thing you want to do and there is also bankruptcy.

Loan modification is essentially for the person who is unable to make your payment, because there was a material change, and the change that I am talking about is your not making as much money. You may have lost your job. You have one of these mortgages that are toxic, where the interest rate has gone up significantly.

I would not buy the story from some guy with an ugly little yellow sign on the side of the road that says, hey I can help you and I have a 99% success rate with my loan modifications. That is essentially a guarantee and there is nobody in their right mind that would buy the guarantee. There are so many different types of mortgage servicers out there, literally thousands of mortgage companies out there and you cannot predict what any one of these mortgage companies is going to do.

Certainly not guarantee anyone any result. Were definitely going to try our best, thats why we use a national network of attorneys, 45 out of the 50 states have some kind of recourse involved with short sales and foreclosures, loan modifications. This is not something you can just figure out on your own and certainly dont buy into some story that there is somebody who can reduce your mortgage by 50%. Thats not going to happen, or that they have a 99% success rate, things are just not realistic.

You should know better and I know I am putting it bluntly, lets be honest. You should know better. It sounds too good to be true folks, it is. These no cost loans, these goofballs are selling on the radio, saying they don’t cost anything, let me say this, someones got to pay for it. Try walking to one of these big banks right now thats trying so hard right now to make up for some of their losses, so if anyone is offering you something that sounds too good to be true. It probably is, call an expert, call someone who knows what they’re doing, and our team has 16 years of loan modification experience. Our national network of attorneys are dedicated to getting loan modifications and work with almost every major lender, use a pro.

Now Mike, I wanted to throw it over to you to reiterate a few of these things to talk about the different options that people are looking at. The reality of it is that a loan modification, if it works is the absolute best.

That would appear to be the case. You dont want to file bankruptcy, which would be your last choice. Trying to say youre insolvent might be difficult when you factor in all of your assets, so the foreclosures and the short sales, I think those just destroy your credit. Am I right on that?

Duration : 0:6:21

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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 5 (Excerpt)

Mortgage Forgiveness Debt Relief Act of 2007, one exception to paying cancellation of debt income

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.

Duration : 0:6:20

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http://www.2ModMyLoan.com Why would a lender modify my mortgage is a frequently asked question I wanted to answer via video. Lenders have too many home in their inventory and are taking the necessary action to prevent further foreclosures. When possible the lender will accept a well put together application for a modification and both sides win. The homeowner gets to stay in the home, with a payment they can afford, and while the lender loses some money it’s not as much as if the property was foreclosed on.

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Before sub-prime mortgages, where consumers interested in getting reasonable interest rates on loans with small down payments, marginal credit scores, and/or high payment to income ratios were able to get funding, there was the FHA. The FHA was set up to help those with more difficult loans get insurance for the payments, so that lenders would be willing to fund the loans. Bill Rayman is a very successful Los Angeles Based Mortgage Broker who can help you find the perfect approach to maximizing your goals in home purchases, refinances, or investments in property. This video explains the details of FHA financing. To reach Bill Rayman, call him at 310-295-2900 ext 113. Visit his blog at http://www.mortgagelosangeles.blogspot.com

Duration : 0:9:43

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Attorney Negotiated Mortgage Loan Modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com

Part 1 (Excerpt)

Were in Recession and Hank Paulson holds the purse strings.

Brett has brought with him some updates on the economy and how things are changing theses days and he brought some great information to discuss with you. We talk about all these different things in the economy and let’s be honest there are a lot of problems out there, no one can dispute that, the unemployment rate is the highest it’s been in many year, with Fannie Mae, Freddie Mac AIG being taken over by the government, Lehman brothers Bear Sterns, WAMU, Countrywide all gone, banks and insurance companies getting their bailout, the auto industry is the next one to get a bailout, were already working on our second stimulus package.

95% of the people according to President elect Obama are going to be getting a tax cut soon. Where is all of the money for all of this going to come from? It just seems to be a downward spiral. Brett’s got some great insight on this that he wants to talk about and some more, unfortunately, a little bit more dismal news, just want you to know before you drive off a cliff there is light at the end of the tunnel. We are going to talk about that so Brett, why don’t you share a little information if you could.

Yeah, I would be happy to, you mentioned a couple of things in your opening comments and one was about, the market seems to be anticipating bad news, and it certainly is not surprising it was a pretty significant down day on Wall Street again today, most of that was attributed to two things. Retailers such as Best Buy and Macy’s came out with their projections for consumer spending. Best Buy actually said something to the effect that it is the lowest level of consumer spending that they have ever experienced in the history of their business. Best Buy is actually one that hopefully will stick it out as we know Circuit City is filling for bankruptcy.

The other thing that you mentioned was jobless rate has climbed, the number has definitely increased, the NEBR is the government agency that is responsible for reporting when a recession begins and when it ends. They call it. They officially have not called one, but I think every reasonable person believes that we have been in one and probably have been in one for some time already.

So right supposedly there is some technical factor that says this is a recession that doesn’t mean that we flip the switch and boom here we are out of the recession is that right?

That is absolutely right and in hindsight is how they judge that time of when it started and when it comes to an end, and it’s usually several months after the fact, but it remains to be seen. We believe we are in a recession but we are going to talk about a couple of things that people are feeling this economic crunch and what they can do about it, specifically as it is regarding their home ownership and their mortgages.

A couple of interesting things that came out, Secretary of the Treasury Hank Paulson today made an announcement this morning regarding a change in the governments, they call it a rescue plan. Others call it a bailout. Thats the 700 hundred billion dollar plan, and apparently Wall Street is unhappy with the changes that took place, pretty significant.

The idea at the time this legislation was passed in congress and ultimately signed by President Bush into law was to use the funds to buy the bad assets, mortgage backed assets from banks and lending institutions, they changed that and recanted that today, Hank Paulson specifically announced that they are no longer going to be using those funds, that the current plan calls for 250 billion dollars of the 700 billion to be used to buy stock of those banks and financial institutions

Does Hank Paulson, does he need to get approval for this? One of the things that have been discussed all week long has been, was the fact that as this legislation was passed and approved, is that he has full power to make these types of decisions, without the benefit of it being discussed through congress and those traditional channels. He is currently the most powerful man in the world. He has the whole checking account to himself to decide what the best distribution of those funds is. It certainly appears that way and apparently he changed his mind and announced it today…

Duration : 0:5:40

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