He purchases are in the most distressed parts of the country. Barnes has bought and sold thousands of them over the years, some nice, some not so nice. Most are small and often plain, and all share the same forlorn look of loss. “[I] bought them for 20 cents on the dollar, or maybe 10,” said Barnes. “Do you really care when you’re buying that cheap, and it’s a piece of real estate? I don’t care.” He claims he’s a “good ol’ boy” who can’t read anything but a “For Sale” sign. He bought his first house at the age of 14.

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November 14, 2008 Kucinich (D-OH) Cummings (D-MD) OPENING STATEMENT Issa (R-CA) Domestic Committee meeting with Kashkari Treasury Department Use of Government Assistance Funds Neel Kashkari

realestatemarketingthisweek.com – Expert tax advice from a CPA regarding a real estate related issues – Part 1 – Today’s show has a timely message. We have with us, an expert in the tax ramifications of the different types of mortgage situations that people find themselves in, we have brought in Mike Patenella, that I will introduce in just a moment, as well as Brett Fallon is back with us. Were going to be talking about the tax ramifications of short sales, foreclosures, and some of the different types of loan modifications. Now if you listen to our show regularly, of course you know, we have been over the last several weeks, talking about loan modifications, but we have been getting hundreds of e-mails and calls requesting more information on the loan modifications. There are also some interesting questions that people ask about whats going to happen in regard to taxes. Thats the one thing that so many people are not talking about. Well we need to talk about it. Its something that we need to bring to you that you can hear and thats what were going to focus the majority of today’s show on. Before I introduce Mike I need to introduce one of my very best friends and the best financial advisor I have ever known, Brett Fallon. Brett thanks for being on the show today. Brett also has some information in regard to the markets and there is some really great, exciting stuff out there. But before I throw that back over to Brett, we have our expert guest today. He is a CPA and his …

More and more homes have been going into foreclosure over the past year or two than ever before. One reason is the poor economy overall, but perhaps the biggest reason is the sub-prime lending fiasco of the past few years that allowed too many people to enter into mortgages they shouldn’t have or couldn’t keep up with.

When a home goes into foreclosure, the lender obtains a court order to terminate the agreement and take possession of the property back from the signer. This is usually the bank that underwrote the mortgage agreement or loan.

When a mortgage or home loan or mortgage is underwritten, the lender or bank will get a security interest from the borrower. In effect, they are pledging the property or home as security collateral for the loan. If they fail to meet the payment terms, the lender or mortgage holder can try to foreclose, or repossess the property.

Failing to pay the mortgage note or loan payment is only one possible reason for foreclosure. Other problems such as overdue property tax that isn’t paid, overdue HOA dues or assessments, even unpaid contractor bills can be cause for a foreclosure action.

For a residential mortgage loan, the actual process of foreclosure proceeding can begin after the owner has failed to meet the mortgage agreement terms. Then the bank or creditor may look to take possession of the property so that they can recover their principle by reselling the property.

After foreclosure, the creditor will likely try to sell the property and keep the proceeds in order to pay off its mortgage plus legal costs. This is what foreclosing on the mortgage or loan actually is. Though there are some possibilities for the homeowner to reclaim their property at that point, it’s clearly much more desirable to avoid going into foreclosure to begin with.

The author is writing up her experiences with Potty Training Girls and Baby Potty Training for a parenting magazine article.

Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To RealEstateMarketingThisWeek.com Part 8 (Excerpt) If facing financial issues make sure you hire qualified help, mortgage broker, financial planner, CPA and attorney So with the real estate market, we know here in Arizona, there are literally hundreds of thousands, maybe millions of people that are confronted with a very difficult decision, declining home values, upside down in the home, the home value is worth much less than they actually owe, we need to give them options. If the option is foreclosure, short sale or loan modification, I would take the modification approach, most likely we would have to look at a person’s situation a little bit closely, but as I am going down some of the things that we have prepared for the show today, it looks like there are four main issues that people should know they need to consider, the cancellation of debt income, capital gains tax issue, the deficiency judgments side, and the credit report side and Mike, I know you can talk to some of these things. But we brought up in the first segment what I think this might represent and then I think we started to talk about how Mike can help people minimize the impact of what that would look like on the tax return or eliminate based on the situation, so let’s make sure that the people know these four concerns are something they …

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“Foreclosure Of A Dream” performed by Megadeth at the Italian Monsters of Rock, Reggio Emilia, in September 1992. Song #6 from concert.

tinyurl.com Where’s The Bottom Real Estate Foreclosure 2010 2011 2012 Finally a way for Real Estate Agents to take the Power Back. REO and Broker Price Opinion Course just released. Have you heard that banks need Real Estate Agents to help list and sell $600 Billion worth of foreclosures. Learn what qualifications The Bank REO Departments and BPO Companies want from prospective agents wanting to break into Broker Price Opinions and Listing Short Sales and Bank REO’s. Check it out here: tinyurl.com The Next BOOM Opportunity in Real Estate! Agents NEEDED! NOTE: watch the whole clip at CBS Newsonline www.youtube.com