Lupe Medina

October 17: International Day for the Eradication of Poverty

The United Nations designated this day to promote awareness of the need to eradicate poverty and destitution in all countries, particularly in developing countries - a need that has become a development priority. At the Millennium Summit, world leaders committed themselves to cutting by half by the year 2015 the number of people living in extreme poverty - people whose income is less than one dollar a day.

My take on this subject.

2009 (14-16 May) at the Astir Palace resort in Athens, Greece

The Bilderberg Group Meeting in secrecy to plot or plan the future of many nations and by a select number of politicians, bankers, and directors of large businesses. I can almost assure you that poverty is a concern when these group that represent the wealthiest of the world get's together to check on their back accounts.

Would you think they were thinking about the housing market and how well it is going for them?.

www.homesbyarea.com

Every day I get up and go to work I have to face with the reality.

How can we let this happen?

Banks owning our homes!!!!.

"Ye who have the gold make the rules" or how do that goes?

We cannot longer feel secure that we will have a job tomorrow, some like us are making good that we can't really see it.

We are been shut down from every angle by our government who is giving the Banks more power and less regulations.

Now Banks by asking homeowners to call when listing their home on a short sale (Pre-foreclosure), as Bank Of America did to some of my clients, have the opportunity to probe the homeowners and ask them if they are interested in given up their home.

This individual at the bank was short of asking my client for a DEE-IN-LIEU.

We know that this will carry greater risk and homeowners are expose if they agree to take this path without getting legal advice. If the buyers is not advice by the bank to seek for legal consultation he (the homeowner) will probably commit himself to a voluntary negotiation that he will not understand living himself open for more damages'.

We should not let our clients expose to this abuse. This will be like having our home been broken in and hiring the thief to come over to install our home alarm.

My advice is to do a 3 way calling; by this time you should have an authorization by the homeowner in the Banks' system, get him ready in what to expect from the bank when making this call, have his finances and gross income ready.

When they know that I am in listening they have not ask my client if he is interested in givin up his or her home.

Read more about Deed in lieu of foreclosure on Wikipedia

Lo que ocurre cuando un prestamista no puede producir la nota original Un creciente número de propietarios de viviendas alrededor de el país está utilizando una defensa de ejecución que puede ayudarles a mantener sus casas. Se denomina " produce la nota " (como también conjuntamente propugnada por The Network de advertencia de consumidor) y queremos que sepa esto es no un mero tecnicismo que debe ser tratado ligeramente por el prestamista o por la Corte. todo el mundo necesita comprender la importancia de este problema. Cuando un prestamista no puede producir la nota original, lo que permite una ejecución proceder pone el propietario de casa en peligro de debido a que la deuda de nuevo a otro partido en el futuras. Por lo tanto, hay que tener mucha precaución antes de que puede permitir que un juez alguien que no puede producir la nota original el retiro de en su hogar. ¿Qué ocurre si el prestamista CAN'T produce la nota? Así, qué sucede cuando el prestamista le dice al Tribunal no puede producir el ¿original tenga en cuenta, porque se pierde? Let's empezar con los principios básicos. Si un prestamista quiere judicialmente en una propiedad, tiene que ser capaz de demostrar que es, en hecho, la persona adecuada a los que se debe el dinero. Derecho a judicialmente pertenece sólo a la persona que ha legítima posesión OF THE ORIGINAL nota - no una copia, no una entrada electrónica, pero la Nota original por sí mismo con la firma original de la persona o personas que debe presuntamente el dinero junto con sello de notario levantados apropiados y firma. Así, si se enfrenta con una ejecución, que tiene todo el derecho a demanda que la persona o entidad tratando de tomar su propiedad, primero demostrar a la Corte que tienen el derecho legal a así en el primer lugar por demostrando que tienen posesión legal de la original pagaré. En mi opinión, una nota de hipoteca original es mucho como moneda de curso legal y debe ser vigilado y protegido como tales por la persona que ostente tal un activo. Perder una nota de hipoteca original es como perder un billete de 100 dólares o una tarjeta de regalo o un billete de lotería. ¿Y si me rayado ese billete de millones de dólares y sólo atascado ¿que en algún lugar y fuera de lugarlo? ¿Cree que sólo podría se muestra en la lotería ¿la sede y reclamar mi Premio sin tener el boleto ganador? igualmente principio se aplica a la persona o entidad que afirman ser el titular legal de una nota de hipoteca original. El que sostiene la nota posee la clave. ¿Qué debe hacer el prestamista Lo que a menudo sucede, sin embargo, es que el prestamista afirma que no tiene la Nota original, ya que los que la nota se ha perdido o destruido. Si es el prestamista hacer una reclamación, la ley requiere el prestamista probar todos los Tras bajo el " código comercial uniforme ", que es un conjunto de leyes que rigen las transacciones comerciales que muchos Estados han adoptado. Contiene una disposición específica sobre este tema (sección 3-309) que afirma que un persona puede exigir un pagaré sin tener el original, pero sólo bajo ciertas circunstancias limitadas. 1. La persona o entidad tiene que jurar y atestiguar que ya no tiene la Nota original; 2. La persona o entidad tiene que demostrar que era correctamente en posesión de la nota y fue el derecho a aplicarla cuando perdió posesión de la nota; 3. La persona o entidad tiene que demostrar no "perder" posesión simplemente porque transfiere la nota a otra persona (es decir, que ha no realmente perdido); y 4. La persona o entidad tiene que demostrar que no puede producir la nota original debido a que fue destruido el instrumento o no se puede determinar su paradero o fue robada por alguien que no tenían derecho a ella. Todas estas cuestiones tienen que definitivamente demostrado por la persona o entidad intentando judicialmente sobre la propiedad. No es la obligación de la prestatario para demostrar o refutar nada de eso. El prestatario puede impugnar la derecho de la persona o entidad intentando judicialmente y la prueba de la demanda. Funciones importantes del Tribunal Corresponde a la Corte a determinar si el prestamista tiene satisfactoriamente demostrado por qué ya no puede producir la nota original. El Tribunal también tiene que estar satisfecho de que cuando tenga en cuenta el original fue perdido, la persona intentando judicialmente sobre la propiedad había posesión de la nota al tiempo se perdió.Hasta que el Tribunal ha sido satisfecho de todo esto, no es posible la ejecución continúe. También es importante entender que esta cuestión es la propia Corte no solamente un " tecnicismo " y el juez no deberían estar satisfecho con cualquier cosa menos de plena prueba de este problema. La propia Corte es necesario Apreciamos el hecho de que si debería acuerdo en que ha sido una nota original legítimamente perdido (y permite la ejecución proceder) es el prestatario que está todavía en peligro. ¿Por qué? Porque increíblemente, incluso si un Tribunal ha encontrado que la nota original es perdido y está finalizando la venta de ejecución, si alguien más tarde se vuelve con la nota original y demuestra que es el titular correcto de la nota, y no la persona que no existe gracias en la propiedad, el prestatario original es STILL responsable. Es cierto. Alguien tuvo su hogar y el Tribunal permitió lo porque considera que el prestamista demostrado que la Nota se perdió y fue el partido adecuado. Entonces alguien legítimos se muestra en el futuro con la nota real y aún debemos a esa persona el dinero a pesar de su propiedad fue tomada con la bendición de la Corte. confianza mi opinión, esto es una cuestión muy seria con respecto a foreclosures post y post corto-ventas pre-foreclosure. Ha pasado a tres de nuestros propios clientes! Estos propietarios habían la necesidad de vender sus bienes por medio de un negociado corto-venta (por lo que podrían evitar una ejecución) sólo para averiguar que la entidad que afirman tener el derecho legal y la autoridad para entrar en tales negociaciones y aceptar esos asentamientos venden su nota a otro entidad y no eran siquiera consciente de él. Varios meses más tarde, el recién asignado prestamistas (ahora pretenden ser los legítimos propietarios de nuestros clientes notas originales) desde entonces han venido hacia adelante y también han presentado tratando de suite recuperar sus saldos iniciales de todo principio pendientes debidos a ellos (anteriores a los propietarios cierre sus transacciones de venta corta con la nota equivocada titulares). Cómo justo es?!?! No es así! Y es por eso propietarios necesitan para empezar combates volver cuando alguien está intentando tener su domicilio por ejecución, especialmente desde un porcentaje abrumador de hipotecas concedidas en los últimos 3 a 5 años han sido empaquetados en títulos y re-sold y re-assigned numerosas veces desde el inicio de la del prestatario original nota y hipoteca. En algunos Estados, los propietarios tienen mejor que un 50 % posibilidades de éxito en defenderse contra una completó la ejecución. ¿Por qué cualquier persona que posee un hogar haría todo lo que esta en su poder para proteger y defenderlo? Rick D. Misitano, Senior Paralegal Despacho judicial de James M. Bosco & asociados Methuen Ejecutivo Park 240 Street agradable Methuen, Massachusetts 01844 Teléfono: (978) 687-8804 Fax: (978) 687-8872 boscolaw@Comcast.NET

Lupe Medina/REMAX/Realtor www.homesbyarea.com 866-466-6650

Home Foreclosure and Debt Cancellation Update Dec. 11, 2008 —

The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. The amount excluded reduces the taxpayer’s cost basis in the home. More details. Further information, including detailed examples, can also be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments.

The questions and answers, below, are based on the law prior to the passage of the Mortgage Forgiveness Debt Relief Act of 2007. 1. What is Cancellation of Debt? If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

1.Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.

2. Is Cancellation of Debt income always taxable? Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve: Bankruptcy: Debts discharged through bankruptcy are not considered taxable income. Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you.You are insolvent when your total debts are more than the fair market value of your total assets.Insolvency can be fairly complex to determine and the assistance of a tax professional is recommended if you believe you qualify for this exception. Certain farm debts:If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.The rules applicable to farmers are complex and the assistance of a tax professional is recommended if you believe you qualify for this exception. Non-recourse loans:A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral.That is, the lender cannot pursue you personally in case of default.Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income.However, it may result in other tax consequences, as discussed in Question 3 below.

3. I lost my home through foreclosure. Are there tax consequences? There are two possible consequences you must consider: Taxable cancellation of debt income.(Note: As stated above, cancellation of debt income is not taxable in the case of non-recourse loans.) A reportable gain from the disposition of the home (because foreclosures are treated like sales for tax purposes).(Note: Often some or all of the gain from the sale of a personal residence qualifies for exclusion from income.) Use the following steps to compute the income to be reported from a foreclosure: Step 1 - Figuring Cancellation of Debt Income (Note: For non-recourse loans, skip this section. You have no income from cancellation of debt.) 1. Enter the total amount of the debt immediately prior to the foreclosure.___________ 2. Enter the fair market value of the property from Form 1099-C, box 7. ___________ 3. Subtract line 2 from line 1.If less than zero, enter zero.___________ The amount on line 3 will generally equal the amount shown in box 2 of Form 1099-C. This amount is taxable unless you meet one of the exceptions in question 2. Enter it on line 21, Other Income, of your Form 1040. Step 2 – Figuring Gain from Foreclosure 4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure ________ 5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ____________ 6. Subtract line 5 from line 4. If less than zero, enter zero. The amount on line 6 is your gain from the foreclosure of your home. If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000 (up to $500,000 for married couples filing a joint return) from income. If you do not qualify for this exclusion, or your gain exceeds $250,000 ($500,000 for married couples filing a joint return), report the taxable amount on Schedule D, Capital Gains and Losses.

4. I lost money on the foreclosure of my home. Can I claim a loss on my tax return? No. Losses from the sale or foreclosure of personal property are not deductible.

5. Can you provide examples? A borrower bought a home in August 2005 and lived in it until it was taken through foreclosure in September 2007. The original purchase price was $170,000, the home is worth $200,000 at foreclosure, and the mortgage debt canceled at foreclosure is $220,000. At the time of the foreclosure, the borrower is insolvent, with liabilities (mortgage, credit cards, car loans and other debts) totaling $250,000 and assets totaling $230,000. The borrower figures income from the foreclosure as follows: Use the following steps to compute the income to be reported from a foreclosure: Step 1 - Figuring Cancellation of Debt Income (Note: For non-recourse loans, skip this section. You have no income from cancellation of debt.) 1. Enter the total amount of the debt immediately prior to the foreclosure.___$220,000__ 2. Enter the fair market value of the property from Form 1099-C, box 7. ___$200,000__ 3. Subtract line 2 from line 1.If less than zero, enter zero.___$20,000__ The amount on line 3 will generally equal the amount shown in box 2 of Form 1099-C. This amount is taxable unless you meet one of the exceptions in question 2. Enter it on line 21, Other Income, of your Form 1040. Step 2 – Figuring Gain from Foreclosure 4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure. __$200,000__ 5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ___$170,000__ 6. Subtract line 5 from line 4.If less than zero, enter zero.___$30,000__ The amount on line 6 is your gain from the foreclosure of your home. If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000 (up to $500,000 for married couples filing a joint return) from income. If you do not qualify for this exclusion, or your gain exceeds $250,000 ($500,000 for married couples filing a joint return), report the taxable amount on Schedule D, Capital Gains and Losses. In this situation, the borrower has a tax-free home-sale gain of $30,000 ($200,000 minus $170,000), because they owned and lived in their home as a principal residence for at least two years. Ordinarily, the borrower would also have taxable debt-forgiveness income of $20,000 ($220,000 minus $200,000). But since the borrower’s liabilities exceed assets by $20,000 ($250,000 minus $230,000) there is no tax on the canceled debt. Other examples can be found in IRS Publication 544, Sales and Other Dispositions of Assets, under the section “Foreclosures and Repossessions”.

6. I don’t agree with the information on the Form 1099-C. What should I do? Contact the lender. The lender should issue a corrected form if the information is determined to be incorrect. Retain all records related to the purchase of your home and all related debt. 7. I received a notice from the IRS on this. What should I do? The IRS urges borrowers with questions to call the phone number shown on the notice. The IRS also urges borrowers who wind up owing additional tax and are unable to pay it in full to use the installment agreement form, normally included with the notice, to request a payment agreement with the agency. 8. Where else can I go to get tax help? If you are having difficulty resolving a tax problem (such as one involving an IRS bill, letter or notice) through normal IRS channels, the Taxpayer Advocate Service may be able to help. For more information, you can also call the TAS toll-free case intake line at 1-877-777-4778, TTY/TDD 1-800-829-4059. In some cases, you may qualify for free or low-cost assistance from a Low Income Taxpayer Clinic (LITC). LITCs are independent organizations that represent low income taxpayers in tax disputes with the IRS. Find information on an LITCs in your area.

Copy from the IRS web site

I am pulling my hair over this subject.

What can I recommend to my clients, people that call me or contact me via email in regards to this concerns.

I must touch my heart and spill out my...... on this.

Let's face it nobody wants to tell their clients what is best, if their interest on a Loan Modification is the one reason home owner care the most.

They don't like to hear foreclosure, short sale or BK as and option.

Banks are not correcting the problem by lowering the loan amount. they are only buying time for what it is foreseeable.

Home owner will not remain on a Modification program when they see their home value creeping down.

Who will, I won't, would you?

Let's face it. Why would I continue to make payments on a property that has lost almost half of it's value.

How about this... Your neighborhood is not what it was before. All neighborhoods?..

No, I am not picking on all neighborhoods, but in many cases the area will not be what it used to be.

We all find a shell in our life, and that shell has a big crack (Property value).

Do wherever is best for you, but a loan modification may not be the best. It may be for now , but how about later?

Oscar Matamoros/Marketing