NJ Mortgage

Posts Tagged ‘tax’

Visit: http://MeTee.com/coupon/SubscribeForNews
Support this Youtube channel and Create and Publish a t-shirt using the link above. This channel is brought to you by MeTee T-Shirts: The place for On-Demand t-shirts.
-
Signup for the Daily News Email Subscription:

http://tinyurl.com/Receive1EmailDaily

-
Wednesday July 13 2011 6:15 am

http://www.msnbc.msn.com/?id=11881780&q=Geithner+the+economy+is+still+strengthening+&search=&p=1&st=1&sm=user

The US subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backing said mortgages. Approximately 80% of U. S. mortgages issued to subprime borrowers were adjustable-rate mortgages. After U. S. house sales prices peaked in mid-2006 and began their steep decline forthwith, refinancing became more difficult. As adjustable-rate mortgages began to reset at higher interest rates, mortgage delinquencies soared. Securities backed with mortgages, including subprime mortgages, widely held by financial firms, lost most of their value. Global investors also drastically reduced purchases of mortgage-backed debt and other securities as part of a decline in the capacity and willingness of the private financial system to support lending. Concerns about the soundness of U. S. credit and financial markets led to tightening credit around the world and slowing economic growth in the U. S. and Europe.
-
Like/Dislike, Comment, Favorite and share on Twitter, Facebook, Google+ to get the word out on this video.

If you are interested in becoming a channel sponsor for $1/day for 30 days send a youtube message letting me know.

Duration : 0:6:15

Read the rest of this entry »

Technorati Tags: 9/11, Alan, bailout, bankers, banks, bilderberg, Buffett, CFR, chapman, Club, Collapse, complex, Conspiracy, corporatism, credit, Crisis, Default, deflation, dip, double, Economic, economy, elites, fascism, federal, foreclosures, Geithner, globalist, gold, Goldman, Greenspan, hikes, hillary, hyperinflation, Illuminati, IMF, industrial, keiser, layoffs, molyneux, mortgages, new, NWO, Oil, Order, prices, Recession, recovery, reserve, rockefeller, rome, rothschild, Sachs, stefan, stimulus, tax, Theory, timothy, unemployment, warfare, watt, world

Visit: http://MeTee.com/coupon/SubscribeForNews
Support this Youtube channel and Design & Publish a T-Shirt using the link above. This channel is brought to you by MeTee T-Shirts: The place for on-demand t-shirts. T-shirt design in seconds & always free shipping.
-
Friday July 29 2011 6:26 am

http://www.msnbc.msn.com/?id=11881780&q=Investors+Wake+up+to+Debt+Threat+&search=&p=1&st=1&sm=user

The US subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. Approximately 80% of U. S. mortgages issued to subprime borrowers were adjustable-rate mortgages. After U. S. house sales prices peaked in mid-2006 and began their steep decline forthwith, refinancing became more difficult. As adjustable-rate mortgages began to reset at higher interest rates, mortgage delinquencies soared. Securities backed with mortgages, including subprime mortgages, widely held by financial firms, lost most of their value. Global investors also drastically reduced purchases of mortgage-backed debt and other securities as part of a decline in the capacity and willingness of the private financial system to support lending. Concerns about the soundness of U. S. credit and financial markets led to tightening credit around the world and slowing economic growth in the U. S. and Europe.
-
Like/Dislike, Comment, Favorite and share on Twitter, Facebook, and Google+ to get the word out on this video.

Signup for the Daily News Email Subscription:

http://tinyurl.com/OneEmailDaily

If you are interested in becoming a channel sponsor for $1/day for 30 days send a Youtube Private Message letting me know.

Duration : 0:14:21

Read the rest of this entry »

Technorati Tags: 2010, addendum, analysis, Anand, anarchism, anarchist, Annual, Asia, Avoid, Bartiromo, C-SPAN, China, class, CNBC, commentary, Davos, Davos10, diversification, Economic, emerging, farming, foreclosure, Forum, Freedomain, Frenkel, Fund, gdp, headley, human, international, Jacob, Kenneth, Levene, libertarian, Lord, Mahindra, Maria, mark, markets, Matthews, Meeting, Min, mobile, molyneux, mortgage, news, objectivism, objectivist, outperformance, Pacific, paul, radio, refinance, Rogoff, ron, ruling, stefan, tax, Tiger, WEF, world, zeitgeist, Zhu

http://mortgagemovies.blogspot.com/…………http://christopher-king.blogspot.com/2010/12/kingcast-and-matt-taibbi-present-more_07.html….
This is a crucial video with actual courtroom footage showing how mortgages and notes are lost as U.S. Citizens face foreclosure, as noted by journalists like Matt Taibbi. Fight back with KingCast courtroom video. I’ve been shooting courtroom video since I tried Civil Rights cases in the mid 1990’s.

KingCast — Reel News for Real People.

Ingress v. Wells Fargo
Hillsborough South
226-2010-CV571

Duration : 0:15:1

Read the rest of this entry »

Technorati Tags: ARM, Assignment, banks, Barry Grissom, Canon SX20-IS, chain of title, Christopher King, Citi, Citibank, corruption, courts, Economic, FBI, financial, First Amendment, foreclosure, FRM Ponzi, goldman sachs, insurance, jp morgan, Judge Linda Dalianis, Judge Robert Lynn, Judges, Kelly Ayotte, KingCast, Lawsuit:, lending, Malicious, Matt Taibbi, Merrimack Mortgage, mers, Morgan Stanley, mortgage, Mortgage fraud, property, Senator Kelly Ayotte, sub-prime, TARP, tax, testimony, WAMU, Wells Fargo

Please SUBSCRIBE!!!

* Please visit our website:http://www.ggnonline.com for more news commentary.
* Please donate to GGN: https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=BSS4NZ62TWZSQ because it would be greatly appreciated.

Thank you.

NEWS SUMMARY:

(Reuters) – The euro hit a two-month high above $1.36 on Friday on hopes the euro zone will find a durable solution for its debt crisis, while world stocks gained as robust GE earnings foreshadowed a stronger U.S. economy.
-
(WSJ) Coffee, cotton and cocoa barreled toward highs, fueled by concerns of a shortfall in global supplies.
-
(IPS) Farmers’ protests and the rise in corn tortilla prices in late December put temporary brakes on the Mexican Senate, which was preparing to lift the national ban on utilizing maize to make fuel alcohol, or ethanol.
-
(WSJ) Reports indicating that inflation remains tame kept home-mortgage rates relatively steady this week, Freddie Mac’s chief economist said on Thursday.
-
(Reuters) – Over the past two years, as U.S. unemployment remained near double-digit levels and the economy shed jobs in the wake of the financial crisis, over a million foreign-born arrivals to America found work, many illegally.

HEADLINES WITH LINKS:

T.R.I.A.G.E.

Commodity Futures

http://www.bloomberg.com/markets/commodities/futures/

Treasury 10-Year Yields Rise by Most in Six Weeks on Prospects for Growth

http://bloom.bg/e9vR4l

Euro hits 2-month high vs dollar, stocks gain

http://www.reuters.com/article/idUSTRE70D1FB20110121

Tight stocks prompt heavy spec buying in corn, soy

http://www.reuters.com/article/idUSTRE70K6XN20110121

Bar set high as stocks face pullback

http://www.reuters.com/article/idUSTRE70K74020110122

Coffee, Cotton, Cocoa Surge

http://on.wsj.com/ePrYWy

Commodities Prices Are Hitting Your Wallet

http://on.wsj.com/eNlWan

Mexico Tempted to Shift From Tortillas to Ethanol

http://www.ipsnews.net/news.asp?idnews=54206

Home-Mortgage Rates Steady

http://on.wsj.com/hCZXQk

Exclusive: Over a million immigrants land U.S. jobs in 2008-10

http://www.reuters.com/article/idUSTRE70J37P20110120

IMF warns about Arab world joblessness

http://www.presstv.com/detail/161174.html

12 Economic Collapse Scenarios That We Could Potentially See In 2011

http://bit.ly/gFwD8x

Thank you everyone for subscribing!

Website:

http://www.ggnonline.com

Facebook:

http://bit.ly/cEXQv1

Twitter:

http://twitter.com/GGNCORP

FAIR USE NOTICE: This video may contain copyrighted material. Such material is made available for educational purposes only. This constitutes a ‘fair use’ of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law.

Duration : 0:14:52

Read the rest of this entry »

Technorati Tags: address, Alan, Algiers, austerity, Australia, bailout, bankers, bankruptcy, bears, bernanke, birds, Bonds, Budget, care, China, Collapse, crash, Crisis, Cuts, dead, Debt, EU, euro, eurozone, fish, Food, foreclosures, fraud, GGN, Giffords, gold, Greece, HAITI, health, IMF, increase, inflation, Iran, Korea, market, molyneux, nfl, obama, of, Oil, olbermann, oprah, packers, Portugal, prices, protest, QE2, refinancing, security, shortage, social, Spain, state, stefan, Stocks, tax, The, Tunisia, UFC, UN, unemployment, Union, watt

http://realestatemarketingthisweek.com – New Fannie Mae Streamline Loan Modifications may do more harm than good

Part 5 –

We do realize that there are situations that people are in that they want to be out of and we want to move past. We have back in the studio, the author of Real Estates Future also the author of The Foreclosure Sharks white paper, a fantastic manual that he has put together that you can get for free. Dan Havey thank you very much for coming back. You can get a copy of the white paper The Foreclosure Sharks at http://mortgageanswerman.com.

So Dan I know that you have brought the just recently released new Fannie Mae, Freddie Mac guidelines, with their streamlined modification process. This is the kind of thing where the consumer can go and do-it themselves, right?

Yes, except that we would certainly advise against that. These are the guidelines that Fannie Mae came out with; they are effective as of a couple weeks ago now. But with Christmas and the holidays I dont think a whole lot of people have figured out what this is all about yet. So as we said in the last segment the guidelines that they have come out with here, and what I have is a print out but I dont know that this is the whole thing because I have heard some commentary on this that actually says that it is much worse then I am about to relay to everyone on the air.

I am just going to pick out a couple points about this and then I will let Michael laugh about them because some of these things are just crazy in the fact that it doesnt really help the home owner and I also dont think it is going to move us past the conditions we have to get people some really good loan modifications, the kind of loan modifications that we are talking about where you actually employ an attorney to help you with your loan modification.

The reality of it is we need to get through this mess we dont need to stave it off, push it out further and in my opinion that is what this does. That is exactly what is going on here, there was an article I was reading by Fitch, which is one of the major bond rating firms and that is exactly what they said. They said that the alt-A arms are all coming back to roost now, I think the default rate was over 14% on all alt-A arms, being at least 90 days past due. And the comment in the article was something like, well we havent really seen a lot of losses from it yet and then it said in a caveat at the end, and we think its because they are not really foreclosing on any of these guys yet, so that is why they havent seen any losses. Well if you keep pushing it off into the future eventually you are going to have to see some of these losses.

We have the same thing here with Fannie Mae, which I think it is just another band-aid; it is not going to really solve the problem. First what they have here, and this one is pretty benign, that once they give you the new mortgage payment you have a three month trial period. If you make the payments during that trial period they let you keep the modification. So that one is not so bad.

The next one says that the qualified borrower cant be in litigation, bankruptcy, or have an existing work out plan, and you have to be at least 3 months behind or in foreclosure in order to be eligible for this streamline.

Ok I get to comment right? SO basically what Fannie Mae and Freddie Mac just told everyone, according to this that I am reading right here, Fannie Mae and Freddie Mac just told you to be 90 days late on your mortgage. That is exactly right, they said that the only way they were going to be able to help you was to be 90 days late on your mortgage.

So I have been, over the past several months, heck Dan you helped us put together the package, you are the cofounder of the modification hotline and I am on the radio every week when we do a little blip about load mods from time to time, saying dont trust anybody who tells you to be late on your mortgage. First of all no loan professional, no mortgage professional, no loan modification specialist will tell you to be late on your mortgage, however, Fannie Mae and Freddie Mac just said you need to be at least 90 days late on your mortgage if you want them to help you.

Duration : 0:6:53

Read the rest of this entry »

Technorati Tags: Attorney, Avoid, bailout, bank, bankruptcy, estate, Expert, federal, financing, foreclosure, fraud, hardship, home, home mortgage modification, Home-Loan-Modification, Insolvency, Law, laws, lender, letter, loan, loan modification, loss, Mitigation, modification, mortgage, Mortgage Modification, Mortgage-Loan-Modification, Negotiate, negotiation, package, prevention, Process, program, real, requirements, sale, scam, Servicing, short, tax

In November, 2009, the federal government extended and expanded the popular First-Time Homebuyer’s Credit. It lets you trim your tax bill by up to $8,000. Sign a contract to buy a home before April 30, 2010 and then close on it by June 30, 2010 and you can claim the credit on your 2009 or your 2010 tax return.

For more information, visit http://turbotax.intuit.com

Duration : 0:1:56

Read the rest of this entry »

Technorati Tags: buyer, claim, credit, First, first-time, home, homebuyer, Homebuyers, tax, taxes, time, turbo, turbotax

http://realestatemarketingthisweek.com/taxes/arizona-is-not-a-recourse-state-so-chances-are-you-will-not-owe-1099-c-income/ – Arizona is not a recourse state, so chances are you will not owe 1099 C Income –

Part 6 – In Arizona, typically its not a recourse state, so if they are telling you that theyre going to garnish your wages because you didnt pay back your entire mortgage, there is a local bank ,that was threatening a very good colleague of ours about a small second mortgage that person had taken out. Threatening to send it to collections and garnish her wages. It simply isn’t going to happen.

But nevertheless, there is still the tax implications that apply, if you need to navigate through this maze. There is a lot to it, you need to protect yourself. You talked about bankruptcy is one of those exclusions, right? One of the problems with bankruptcy is people dont understand the bankruptcy laws. They are so tight now and your feet are really held to the fire from the federal government right now. It’s not like you just didn’t make your mortgage payment, so you go file bankruptcy, it’s just not realistic. Assuming bankruptcy is the last resort option for everybody. And we certainly want to avoid that, it would not be sound financial advice from any credible source that I can think of.

Let’s walk through a case scenario, somebody who is listening to this broadcast, their head is spinning right now, they’re thinking, oh my gosh. I should have known about the tax implications, a short sale versus loan modification. Let’s start at the top and work through a quick scenario. And then we’ll point out the specifics of what they should be considering right now.

For example, we talk about this all the time and to your credit Michael Barnes and to Velocity Financials credit, you were early in bringing out the loan modification for people who were in a distress situation regarding a mortgage, maintaining or keeping up with the mortgage payment. So you started going down the path where the refinance started to become a much more difficult option, with new constraints and all the other factors that led to part of this economic crisis, a loan modification has become a buzz topic today. Driving to the station today, driving down Camelback Road, I see a sign on the corner. You know, one of those stick in the ground, homemade jobs, that says don’t refi a Loan, modify, with some success rate and the phone number.

Hang on there I want you to say the success rate. The sign literally said, 99% success rate, and it goes back to the point that you made when they say that they can reduce your mortgage principal by tens of thousands, hundreds of thousands of dollars, thats the absolute last resort for any lending institution. Thats not what this is about, so let’s start with that, then we will work on the tax ramifications of how that might work in the overall financial strategy.

I am familiar with the loan modification industry here in Arizona. There is no regulation, unfortunately. We at Velocity Financial work with a national network of attorneys, so if you’re the guy in El Centro California, or youre in Phoenix, or youre in Alaska it doesn’t matter where you’re at. We have someone who is an expert in that field in that state because the laws are different. But without the regulations some person with the ugly yellow sign on the side of the road says he has a 99% success rate, I don’t believe him it’s probably not using an attorney, who knows, dont buy into that garbage. Were going to tell you the truth, if we cant do a loan modification, we will tell you that we cant do it. And if a loan modification is not the best thing for you, you can find the some of these other options… http://realestatemarketingthisweek.com

Duration : 0:5:19

Read the rest of this entry »

Technorati Tags: 1099c, advice, Attorney, bailout, bank, bankruptcy, cancellation of debt, CPA, debt relief act, Expert, foreclosure, Government, home, income, Insolvency, IRS, lender, loan, loan modification, Loss-Mitigation, modification, mortgage, mortgage forgiveness, on, real estate, recourse, sale, short, Short-Sale, tax, taxes

http://realestatemarketingthisweek.com/loan-modification/attorney-negotiated-loan-modification-process-going-thru-the-legal-door/ – Attorney negotiated loan modification process. Going thru the Legal Door –

Part 7 – We have Dan Havey with us talking about loan modifications. This segment we want to talk about the specifics of the actual mechanics of, how does it actually work for the homeowner? Let me just start it off and if you would then explain the back end of how it works. Our job is to determine where you’re at now, be very specific about where you’re at with your mortgage now, what the rate is, what it’s done, those specifics. How much you make? We have to help the lender with one thing which is to establish a hardship which is crucial to this. You can’t be making half $1 million a year paying $5000 a month in a mortgage, they are not just going to lower your interest rate because you want it. There actually has to be some sort of change, financial change, hardship.

We determined that and then there is a significant amount of paperwork involved, Velocity Financial takes care of that for you. We fill out the paperwork along with your help, review all of the documentation, we then recommend be right loan modification, whether it be an interest rate reduction, or extending the term of your loan, waiving some of the balance that you owe which is very very rare. To make sure that once we’re done with this whole process you can sustain and live in that house and be happy forever.

So the process itself really is not that much different than what people went through when they got their loan in the first place. That is correct and it’s kind of funny, this has to be exactly the reverse. There is paperwork that we need to collect on your mortgages, we check the value of the property to see where you’re at and in most cases youre underwater with the value. We dont do an appraisal though, there is no credit analysis, we do review your finances, and these sorts of things but essentially it’s just like doing a loan. What we’re trying to determine is exactly what is sustainable for you.

So what we do at the modification hotline at Velocity Financial is to put together the entire package, just like we do for a loan package because we basically send this to a underwriter, theyre not known as an underwriter they’re known as a loan modification coordinator but at modification hotline we are the first set of eyes. We work with you directly, getting all the paperwork in, getting it put together because we know exactly what has to be in that file, how it has to be stacked, how it has to be presented, before it goes to the loan modification coordinator who works for the attorney.

Then once it is at the attorneys office with their modification coordinator, they take a look at it, they make sure that everything is in there, they make sure that it is a doable modification. This all happens before it is ever presented to an attorney.

There are a whole lot of steps and there is a lot of paperwork. The process like you said is very similar to a loan with the exception that there are no costs of the title company and all that other stuff. Those dont exist, we dont charge an upfront fee, and we do collect a retainer for the attorney. At some point during our process we make our recommendations and we turn it in. Then the attorney does their due diligence and thats where I really want you to explain what happens, what are these attorneys looking for?

Well this is where it completely goes off track, versus what a homeowner would do if they were doing their own modification, because they would do everything we just talked about, they would fill out the paperwork, get together tax returns, pay stubs, whatever the lender wanted and they would present all of it to the lender. Now they probably wouldn’t know exactly how to stack some of the paperwork, and how to calculate some of the things that we know how to calculate, but they would put all that they work together.

Where the difference comes in is once it gets to the attorney because the attorney ultimately wants to get you a loan modification but they can’t just call up the bank and say hey I want loan modification, because he is going to get the same result you did. So what he has to do is he has to go through the file, and he has to look for things like, I am going to use a bunch of acronyms here, he’s looking for things like TILA, RESPA, HOEPA, HUD violations, all these different guidelines that the lender was required to meet while giving you the loan… http://RealEstateMarketingThisWeek.com

Duration : 0:6:47

Read the rest of this entry »

Technorati Tags: Attorney, Avoid, bailout, bank, bankruptcy, estate, Expert, federal, financing, foreclosure, fraud, hardship, home, home mortgage modification, Home-Loan-Modification, Insolvency, Law, laws, lender, letter, loan, loan modification, loss, Mitigation, modification, mortgage, Mortgage Modification, Mortgage-Loan-Modification, Negotiate, negotiation, package, prevention, Process, program, real, requirements, sale, scam, Servicing, short, tax

Charles D’Alessandro of Fillmore Real Estate interviews a mortgage professional. The question is what does a first time home buyer do to prepare for their Brooklyn home search.

Duration : 0:6:26

Read the rest of this entry »

Technorati Tags: Brooklyn home, Charles D'Alessandro, Fillmore Real Estate, homes, property, real estate, tax

Information on the extended version of the home buyer tax credit.

Duration : 0:4:7

Read the rest of this entry »

Technorati Tags: buyer, credit, extension, First, Free, home, loans, money, mortgage, seattle, tax, time