All Forum Posts by: Roma Korenyuk

If you haven't done so already, check out Tampa REIA and Suncoast REIA, both hosted over by the airport, there is bunch of people offering private money during the monthly meetings.

http://tampareia.com/calendar/

http://www.sreia.com/

General rule of thumb states that if borrower hasn't paid on the mortgage, they were not paying the insurance. As Derek has said, as a lender you need to force place insurance to protect your investment until they can show proof of insurance. 

This is what I found via TurboTax:

How the IRS classifies cancelled debt

You might consider it unfair that a debt you successfully cancel or negotiate away comes back to haunt you as taxable income. However, the IRS classifies cancelled debt as income because you received a payment you didn't return.

When you first borrow money, you don't have to pay tax on the money you receive because you are bound by a contract to pay it back. Once that contract no longer exists, the money is yours to do with as you please. Since you essentially received income for free, the cancellation of your obligation to pay it back makes it taxable.

Form 1099-C

According to the IRS, nearly any debt you owe that is canceled, forgiven or discharged becomes taxable income to you. You'll receive a Form 1099-C, "Cancellation of Debt," from the lender that forgave the debt. Common examples of when you might receive a Form 1099-C include repossession, foreclosure, return of property to a lender, abandonment of property, or the modification of a loan on your principal residence.

I'm trying to figure out the IRS 1099C from a lenders point of view. If and when it should be sent, or if it should be sent at all. How would the total be figured out. Difference between taking the property back as REO or having the property sold at the auction. Also, can any foreclosure fees and delinquent taxes be added?

Thank you.

Property is now an off market REO

This is a great investment property in a great neighborhood, currently in Pre-Foreclosure. Property is located within a short walk from parks, elementary school, middle school, and high school. Estimated ARV is $ 115,000 and $ 800 rents. House is going into FC sale January 28th. Priced for a rehabber. Please do not enter the premises until FC is complete.

 Do an O&E report from a place like ProTitleUSA they run under a $100, in the title look for chain of ownership on the note and title. Contact the current recorded owner. If the guy that you spoke to just quit claims it to you, note owner will have the right to exercise due on sale clause and ask for full unpaid balance and if it is not paid then they can foreclose on the property and take it back. ( Someone correct me if i'm wrong on FC )

Or, you can just go to your local title company and talk to them. Most of the time they will give you few minutes of their time for free.

In Florida, for closing purposes and whenever you need to split up a year, interest and payments are calculated by 365 days. When loans are created they are written out as yearly percentage which is then presented as a monthly payments. The yearly interest, term, and payments are spelled out on the promissory note or purchase money note.

Do we have a Black Friday membership discount like last year? Thanks.

Thank you Marc. I have sent him an email, but it looks like he has not been active on BP in 7+ months.