Interest Rate Mortgages

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LINK FROM: www.newzzcafe.com SCOTTSDALE, Ariz. — Ariz. Rep. Michele Reagan, R-District 8, is better known for fighting for new laws, but now, she is speaking about her fight against a lawsuit. Reagan is being sued by her mortgage company after she questioned who owned held the note on her home. “It’s really scary,” she said, “I think that this really needs to be brought to light that this is happening to people in Arizona.” Reagan had wanted to find out she and her husband, David Gulino, could refinance their south Scottsdale home. “In doing research, I began to wonder if the lender even owned the note to my home,” she said. “So I sent them a letter and asked them and asked them several things. I want to know who owns my property. Am I paying the right person?” Soon after, Colonial Savings filed a lawsuit in US District Court against Reagan and her husband. The company says the couple is trying “to rescind their home loan,” or back out on the loan. “We’re not interested in walking,” Reagan said. “We’re not interested in saying we’re not going to pay. We just need a little help with the interest rate.” “I’m current on my loan. Never missed a payment. We’ve never been late. We were sued for asking too many questions,” said Reagan. As a state lawmaker, Reagan said she had been hesitant to speak out about her ordeal. “This has now snowballed into something so much bigger and scarier than refinancing and asking who owns your note,” she said.

Part 1 of 2: Former Bank of England Monetary Committee Member Andrew Sentence once again re-iterates that the BoE should be raising interest rates, and should have done that a LOOOONG time ago. The fact that the UK economy is in such shit only confirms this hypothesis. However, there will be no interest rate rise for a looong time, as it is Bank of England and Government policy to steal as much from savers as possible, to bail out feckless borrowers, in particular the government. The aim is to inflate away the record breaking £4Trillion debt that Labour racked up – at the expense of savers who COULD save the economy, but thanks to this deliberate policy, refuse to. If you need something, buy imports, it makes the UK’s trade balance really bad and messes the governments figures even more. Eventually the theft of savers and pension funds will cripple the borrowers. avers and those with money in pensions WILL get back at the borrowers sooner than later. Recorded from Sky News, 31 May 2011.

Dan talks about the interest rate on the American Debt

There are reasons which make credit card interest rates so high. High credit card interest rates make having this kind of debt a bad idea especially if it compounds very quickly after we bought things that quickly lose their value.

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 1 (Excerpt) Expert tax advice from a CPA regarding a real estate related issues 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 …

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 4 (Excerpt) 1099 C is for Cancellation of Debt Income Only, not for Interest Rate and Payment Reduction So for people who find themselves in a very difficult situation considering these options whether it’s a loan modification or a short sale, whatever they need to do to relieve themselves of this particular burden of a mortgage, that for whatever reason they’re no longer able to maintain, they are not always considering the tax ramifications associated with taking a specific course of action, like this example the short sale option. Right there is actually two pieces of tax component here, you have the forgiveness of debt income that we talked about, they still have the fact that you sold your house and you have to see if there was a gain on that. Over and above the cost basis of the home. We talked about the 1099Cs a few moments ago, did you say that the lender sends a copy of the 1099C to the IRS? Absolutely. Now I’m the guy for a few minutes ago who bailed on 0000 and sold it for 0000 am I going to get a copy of the 1099C if I haven’t given my lender my new address. Well that could be a problem, they will send it to the last address they have on record for you. And as a homeowner it’s my problem. The IRS will get a copy, so they will look for it on your return …