Central District Consumer Bankruptcy Attorney's Association

Isn't a 1099c issued regardless of short sale or foreclosure? Those borrowers under HAFFA receive at least $2500 to move out vs no guarantee of cash for keys after a foreclosure. A sooner short sale cuts off liability to HOA. Also tax attributes can be a problem by not selling property during same year as bankruptcy discharge. If lender dragging its feet to foreclose again short sale may be better
Sent from my iPhone
On Oct 9, 2012, at 10:13 AM, "Hale Andrew Antico" wrote:
> I know real estate brokers need to eat, but it should not be done by hurting homeowners with a tax burden, and withholding full disclosure of these consequences until it's too late.
>
ghiggins8@yahoo.com
> Sent: Monday, October 08, 2012 6:27 PM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Wording in Short Sale to prevent issuance of 1099's
>
>
> Yes. Required by IRS. And if they say they won't to push the short sale so they get their fees, they are lying. What they count on is usually the home owner won't find out until the next year.
>
> Sent from my Verizon Wireless Droid
>
>
> -----Original message-----
> To: "cdcbaa@yahoogroups.com"
> Sent: Tue, Oct 9, 2012 01:13:57 GMT+00:00
> Subject: Re: [cdcbaa] Wording in Short Sale to prevent issuance of 1099's
>
>
> You cannot, required by IRS.
>
> Jonathan Leventhal, esq.
> Leventhal Law Group, P.C.
> 818-347-5800
>
> NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice for ex parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
>
> This email and any attachments thereto may contain private, confidential, and privileged material for the sole use of the intended recipient. Any review, copying, or distribution of this email (or any attachments thereto) by others is strictly prohibited. If you are not the intended recipient, please contact the sender immediately and permanently delete the original and any copies of this email and any attachments thereto.
>
> Leventhal Law Group, P.C. is a Debt Relief Agency under federal law.
>
> Note: The Leventhal Law Group, P.C. does not represent you until a written fee agreement has been signed by you and a representative of the Leventhal Law Group, P.C. and all fees listed in the agreement have been paid.
>
> On Oct 8, 2012, at 5:59 PM, "Catherine Christiansen" wrote:
>
>>
>> Anyone have any suggestions on how to add the wording to a short sale agreement which prevents the lender from issuing a 1099 against the debtor who is short selling the property to another?
>>
>>
>>
>>
>> Catherine Christiansen
>
>

The post was migrated from Yahoo.

I know real estate brokers need to eat, but it should not be done by hurting
homeowners with a tax burden, and withholding full disclosure of these
consequences until it's too late.
_____

The post was migrated from Yahoo.

Indeed. If the client is insolvent on the date of the sale, I don't
believe it is taxable, but they should always be referred to a
qualified CPA or tax attorney.
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at

The post was migrated from Yahoo.

CPA should also review Section 108 of the internal revenue codes
Sent from my iPhone: Nathan Berneman
On Oct 9, 2012, at 8:40 AM, "Shannon Doyle" wrote:
> A 1099 is simply the mortgage companys reporting of lost income. It does not necessarily mean the debtor gets taxed on it. Your client should check with CPA. Also see SB 401, the Conformity Act of 2010 (Cal) and the Mortgage Forgiveness Debt Relief Act of 2007 (Fed).
>
>
>
> Shannon A. Doyle
>
> Attorney at Law
>
>
>
> 100 N. Barranca Avenue, Suite 250
>
> West Covina, CA 91791-1600
>
> Tel: (626) 646-2555
>
> Fax: (626) 332-8644
>
> www.blclaw.com
>
>
>
ghiggins8@yahoo.com
> Sent: Monday, October 08, 2012 6:27 PM
> To: cdcbaa@yahoogroups.com
> Subject: Re: [cdcbaa] Wording in Short Sale to prevent issuance of 1099's
>
>
>
>
>
> Yes. Required by IRS. And if they say they won't to push the short sale so they get their fees, they are lying. What they count on is usually the home owner won't find out until the next year.
>
> Sent from my Verizon Wireless Droid
>
>
>
> -----Original message-----
>
> To: "cdcbaa@yahoogroups.com"
> Sent: Tue, Oct 9, 2012 01:13:57 GMT+00:00
> Subject: Re: [cdcbaa] Wording in Short Sale to prevent issuance of 1099's
>
>
>
> You cannot, required by IRS.
>
> Jonathan Leventhal, esq.
>
> Leventhal Law Group, P.C.
>
> 818-347-5800
>
>
>
> NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice for ex parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
>
>
>
> This email and any attachments thereto may contain private, confidential, and privileged material for the sole use of the intended recipient. Any review, copying, or distribution of this email (or any attachments thereto) by others is strictly prohibited. If you are not the intended recipient, please contact the sender immediately and permanently delete the original and any copies of this email and any attachments thereto.
>
>
>
> Leventhal Law Group, P.C. is a Debt Relief Agency under federal law.
>
>
>
> Note: The Lev enthal Law Group, P.C. does not represent you until a written fee agreement has been signed by you and a representative of the Leventhal Law Group, P.C. and all fees listed in the agreement have been paid.
>
>
> On Oct 8, 2012, at 5:59 PM, "Catherine Christiansen" wrote:
>
>
>
> Anyone have any suggestions on how to add the wording to a short sale agreement which prevents the lender from issuing a 1099 against the debtor who is short selling the property to another?
>
>
>
>
>
>
>
> Catherine Christiansen
>
>
>

The post was migrated from Yahoo.

The post was migrated from Yahoo.

Yes. Required by IRS. And if they say they won't to push the short sale so
they get their fees, they are lying. What they count on is usually the home
owner won't find out until the next year.
Sent from my Verizon Wireless Droid
To: "cdcbaa@yahoogroups.com"
Sent: Tue, Oct 9, 2012 01:13:57 GMT+00:00
Subject: Re: [cdcbaa] Wording in Short Sale to prevent issuance of 1099's
You cannot, required by IRS.
Jonathan Leventhal, esq.
Leventhal Law Group, P.C.
818-347-5800
NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice
for ex parte Applications via voicemail or by email. You must comply with
California Law and give notice to a person in my office during regular
business hours.
This email and any attachments thereto may contain private, confidential,
and privileged material for the sole use of the intended recipient. Any
review, copying, or distribution of this email (or any attachments thereto)
by others is strictly prohibited. If you are not the intended recipient,
please contact the sender immediately and permanently delete the original
and any copies of this email and any attachments thereto.
Leventhal Law Group, P.C. is a Debt Relief Agency under federal law.
Note: The Leventhal Law Group, P.C. does not represent you until a written
fee agreement has been signed by you and a representative of the Leventhal
Law Group, P.C. and all fees listed in the agreement have been paid.
On Oct 8, 2012, at 5:59 PM, "Catherine Christiansen"
The post was migrated from Yahoo.

Anyone have any suggestions on how to add the wording to a short sale agreement which prevents the lender from issuing a 1099 against the debtor who is short selling the property to another?
Catherine Christiansen

The post was migrated from Yahoo.