Default Servicers, Foreclosure and the Securitization Debacle
On November 16, 2010, the Senate Committee on Banking Housing and Urban Affairs held a hearing on Mortgage Services and Foreclosure Practices which included, Bank of America, among other lending institutions, along with consumer advocates and academics. Coincidentally, the Congressional Oversight Panel has recently produced a 127-page report, “Examining the Consequences of Mortgage Irregularities for Financial […]
Tisha Black Chernine, Esq. mentioned in LV Business Press
To the Boom and Back: Locals debate how rapidly once-thriving Las Vegas will recover By TIM O’REILEY For several years as the economy soared Las Vegas-style, obtaining financing for a business often involved little more than signing a home equity line of credit. To read the full story, click here.
Nevada’s Support Statute For Spouses & Minor Children
The Nevada Legislature has enacted a very powerful statute designed to provide support to surviving spouses and minor children when the gross estate is less than $100,000 (after deducting encumbrances) and avoid paying most, if not all creditors. NRS 146.070 provides that if a person dies with a spouse and no children, leaving a gross […]
Changes Ahead to FIRPTA
Before convening on its August break, the House of Representatives passed the Real Estate Jobs and Investment Act of 2010. The bill advances the real estate industry’s goal of increasing foreign investment in Real Estate Investment Trusts (REIT). The Bill doubles foreign investors’ allowable ownership interest in a REIT to 10%. Anything over that percent […]
President Approves Extension of Tax Credit Deadline
On Friday, July 2, 2010, President Obama approved the home buyer tax credit extension for more than 180,000 American homebuyers who were at risk of losing tax credits totaling up to $8,000. These qualifying homebuyers were under contract for a home on or before April 30, 2010 and originally had to close no later than […]
Home Buyer Tax Credit Extension Passes
The Senate unanimously approved a bill that creates a three month closing extension for the home buyer tax credit. In summary, the home buyer tax credit extension gives borrowers until September 30, 2010 to complete the sale of the property if the deal was in escrow before the deadline of April 30, 2010.
Claiming the First-Time Homebuyer Tax Credit
Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Here are five tips to clarify the documentation requirements: Settlement Statement: Purchasers of conventional homes must attach a copy of the Form HUD-1 or other properly executed Settlement Statement; Properly Executed Settlement Statement: Generally, a […]
Columbus Accountant and Realtor Plead Guilty to Mortgage Fraud & Obstruction of Justice Conspiracies
Dennis G. Sartain of Hilliard, Ohio; and Bonnie Helt, of Columbus, Ohio, pleaded guilty on January 21, 2010, to conspiring to commit mortgage fraud, money laundering and obstruction of justice. In a press release, the Justice Department and Internal Revenue Service (IRS) announced that Sartain, the accountant for co-defendant Thomas Parenteau, pleaded guilty to one […]
First Time Homebuyer Tax Credit Extension
Recently, Senators agreed to extend the first time homebuyers tax credit and offer a reduced credit to some repeat homebuyers. The tax credit provides up to $8,000 to first-time homebuyers and was set to expire at the end of November. Senators agreed to extend the existing tax credit for first-time homebuyers and offer a reduced […]
Bankruptcy Court Finds IRS Form 1099-C Does Not Prevent Collection of Debt
A bankruptcy court in Pennsylvania recently ruled on an issue that has been a frequent source of confusion to those working with short sales. The issue is whether a 1099-C issued by a lender to a borrower automatically relieves the borrower of liability for the debt. In other words, is a creditor prevented from pursuing […]