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Taxes On Short Sale, Loan Modification & Mortgage Foreclosure
Taxes on Short Sale, Loan Modification & Mortgage Foreclosure
Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. RealEstateMarketingThisWeek.com
Part 2 (Excerpt)
A team approach is best when dealing with all issues regarding taxes, real estate and investments
Brett, wow what an exciting four days
Yes the last four days in the stock market have been a really wild, you know the doom and gloom. I will give you an example, the year to date low closing of the S&P 500 at 752 was the value for that index. And that occurred last Thursday, November 20 the last four days in the stock market has virtually gone straight up, as a matter-of-fact, reporting a yearly 15% gain in those four trading sessions.
What people fail to realize is that level of gain, coming off a loss in your portfolio is really important to get you back on the right track, so those who are wondering if its time to buy or should I have sold. I say November 20 you can't afford to miss a 15% rally. I can't tell you what the market will do come Friday, which is a half day or next week, but I can tell you there is a growing consensus among multiple economists, and experts say were in for the mother of all rallies in an otherwise bear market economy.
And one other thing that I want to point out really quickly, thats so important to the listeners out there in regard to this show specifically. We spent a lot of time talking about strategic partnerships, and today is a perfect example of what Velocity Financial and the Velocity of Money Radio Show are all about.
We have strategic partnerships to work towards the best possible outcome for the listeners that are tuned into the broadcast. They are looking for a ray of hope, theyre looking for education, theyre looking for information. And when you put those factors together and introduce tax experts like Mike Patenella, the certified professional mortgage strategies such as you, registered financial consultants like I. Thats how people, when we have these experts and strategic partners working towards the best possible outcome.
Thats a really good point. And I like the way you illustrated that, one of the things that so many people like to do today, is to do so much on their own and that's okay. When you do things on your own, typically people learn more about it. The problem is, now is not the time to try to figure out what to do with your money in the stock market. Now is certainly not the time.
If youre facing foreclosure, or youre considering a short sale, youre possibly losing your house, you can't make your mortgage payments or you need a loan modification, its not something you should try on your own, its one of those things where you just don't know the ins and the outs. More importantly, talking about doing these types of things on your own, do you really have the time to dedicate to what it is youre trying to do.
For instance there is a silly commercial on the tv, Mike where the guy is getting audited and the lady says oh, let's talk to the box. Thats a classic example of somebody who wants to go buy a box of software at a warehouse store to do their own taxes, and Mike I know for example that you have still have people who have tried to do it on their own. And in most cases you find many things that are missed.
Yes thats why were in business. It's worth it to have us help you out, you'll save money and you will pay us less than you will the government. Our goal is to work for you, work with the mortgage guys and financial planners and coordinate an effort to help you out.
Brett Fallon and I have been working together for years, we share most all of our financial sense or ideals are parallel. I have learned a lot about finances from Brett that I never knew. And Brett and Mike have been working together also for many years, it has only been a year or so since you and I have met.
But having said that you could do your own taxes, you could do your own investing. You can get one of those online accounts. Well, you could do your own loan modification, but in any case, that I have ever been involved in, in regard to loan modification, doing your own taxes, or doing your own finances, you will inevitably miss something. It's just worth paying a little bit more to hire a professional, versus trying to do something like that on your own.
Especially the impact the situation where there is substantial, job loss, loan modification or any of these potential types of situations.
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