My personal take on this is that borrowers who receive this form for “forgiveness of debt” should probably send a letter or form of contest to the IRS stating the objection to the filing of the 1099-C. The objection or contest should state, in most cases, that this has been filed by a party who …
The thousands of trial court and appellate decisions that have hung their hat on illegal assignments being “voidable” demonstrates either a lack of understanding of common law business trusts or an adherence to a faulty doctrine in which homeowners pay the price for fraudulent bank activities. Get a consult! 202-838-6345 https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message …
Many homeowners get tax statements from entities claiming the right to file them, with an EIN that is problematic. We are having trouble linking the EIN with the name of the entity that sends the tax statement. More importantly or perhaps of equal importance is the question raised by individual homeowners and investors who have …
Are Servicer Advances Deductible Expenses for Homeowners? Read More »
Editor’s Comment and Analysis: So here we are with trillions in unreported profits resulting from illegal trades. The setting is almost identical to AL Capone who went to jail for income tax evasion and died there from syphilis. Based upon information in the public domain and those subject to disclosure through freedom of information laws, …
Whistle-Blower Has Anonymity Compromised by IRS Employee Against Large Bank Read More »
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Another Ruse: Realtors Gleeful over Equator Short Sale Platform Read More »
MOST POPULAR ARTICLES CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT EDITOR’S COMMENT: There is little question in my mind that if the IRS persists in this inquiry they will discover $trillions in reported profits on which no tax was paid — intentionally by the persons and companies involved. Just as importantly, the IRS …
REMIC VIOLATION: IRS PONDERS $TRILLIONS IN UNREPORTED MBS PROFITS Read More »
I like this post from a reader in Colorado. Besides knowing what he is talking about, he raises some good issues. For example the original issue discount. Normally it is the fee for the underwriter. But this is a cover for a fee on steroids. They took money from the investor and then “bought” (without …
With the Obama administration and private lenders actively considering mortgage-principal-reduction programs to help financially distressed homeowners, the Internal Revenue Service has issued an advisory to taxpayers who receive — or seek to receive — such assistance if it’s offered. Editor’s Note: The only thing I would add to this, for the moment, is that any …
