*Financial statement *Hardship letter *Profit and Loss statement other documents.
Lender Guide lines.
When this happens home owners will be taxed on mortgage debt that is forgiven by the bank.
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In other words this forgiven debt will be treated as income by the IRS and you will pay taxes accordingly.
Please take the time to understand the consequences of this event in your life.
The following is taken directly from the IRS web site.
IRS Tax Tip 2012-39, February 28, 2012
Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012.
The IRS would like you to know these 10 facts about Mortgage Debt Forgiveness:
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit http://www.irs.gov. IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments, is also an excellent resource.
You can also use the Interactive Tax Assistant available on the IRS website to determine if your cancelled debt is taxable. The ITA takes you through a series of questions and provides you with responses to tax law questions.
Finally, you may obtain copies of IRS publications and forms either by downloading them from http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
<em>The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.
How many times have you heard about a family losing property due to the sickness and death of a love one? Banks are notorious for disregarding the legal interest of relatives – heirs and other
entities with title interest. What brought this to my attention is the fact that anyone living with a spouse or relative or partner owns the risk of being evicted by the lender upon the death of the borrower if their name(s) is not on the mortgage note.
In many mortgage agreements the rights of assumption is buried with the borrower, upon his death.
Lenders typically want to short sale the property and not pursue loan mitigation efforts with relatives or heirs as it becomes a vetting process -credit reports -income verification and background checks are time consuming. More important to the lender is the ability to write off all unpaid principle and interest payments and unmodified expenses-which can be carried over to a few tax years. The new rules agreed to by the CFPB appear to be a game changer and I know of at least 1 case in a NJ court that will be determined under these new guidelines.
Home retention efforts after a borrower dies: In cases in which a borrower dies, the rules the CFPB issued in January require servicers to have policies and procedures in place to ensure that they promptly identify and communicate with family members, heirs, or other parties who have a legal interest in the home. Today’s bulletin provides examples of such servicer policies and procedures, including allowing for continued payment on the mortgage as well as evaluating the heir (or whomever the legal interest in the home passes to) for assumption of the mortgage and, if appropriate, for loss mitigation measures.
This all sounds good and I will keep an eye on the New Jersey test case as it unfolds in the
Did Your Lender turned Down Your Loan Modification Request?
Modify Your Home Loan Yourself! for $375.00
Not everyone needs an expensive loan modification agency or legal firm.
Unless you are filing a law suit why not contact your bank yourself (they prefer to work with the homeowner).
Providing the proper documents are shown, a borrower can save thousands of dollars by
preparing and submitting the loan modification request packet directly to the lender.
Did Your Lender turned Down Your Loan Modification Request?
Join Our Free On – Line Introduction Course.
*Owner Occupied & *Investment Properties – Welcomed
Register by calling 201-397-6941 or Fax 866-896-3671 ask about our 3 day course workbook.
What You Will Need:
*What is a forensic audit?
The audit is a review of the mortgage related documents signed by the borrower on the day of closing. The audit focuses on disclosure violations of federal law (TILA, RESPA, FDCPA, HOEPA, UCC, and others) and state laws (common law, fees, yield spreads, contract law, and others). The audit also looks for commissions violations, refund eligibility, misapplied payments, calculation errors, application fraud, and more. The audit maybe ordered directly from you..
why pay a 3rd party when you can do it yourself.
What is a loan analysis report?
The LDA Report is a tool used by lenders that determines what type of payment relief program you qualify for. Remember there are many types of loan modification programs including payment suspension.
In this book you will learn about “NPV” Net Present Value this is an automated property evaluation model that reflects the true value of your property from the lender’s perspective. The report will give a pass or fail grade on your file.*fees are incurred for loan reports and all loan reports are optional.
This will help you to determine if a loan modification is feasible or if a Short Sale is your best option.
Perhaps You Don’t Need an Expensive Law Firm or Agency to Get Your Loan Modification.
By Modifying your Home Loan Directly With Your Lender You Can Save Thousands of Dollars!
*SOME REASONS WHY LOAN MODIFICATIONS ARE DECLINED:
Missing proof of income for self-employed
P and L statements that are not justified
Income and Expense statements that are inaccurate.
Also, Home Owners are often unfamiliar with debt to income ratios and Guidelines that should be included in every Loan Modification Request Packet
To see if you qualify for a loan Modification write GREAT4SERVICE@YAHOO.COM
or CALL 201-397-6941 or you may click the link below and a member of our staff will contact you within 24hrs.
*****FAST EVALUATIONS MAY FAX TO 1-866-896-3671
Documents Needed: recent pay stubs *hardship letter * mortgage statement(s)
DO IT YOURSELF!
Paul Davidson, USA TODAY 4:49 p.m. EDT March 27, 2013
(Photo: Don Ryan, AP)
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