MEMOS AND MOTIONS FREE! | Matt Weidner Blog

MY GIFTS TO ALL OF YOU- MEMOS AND MOTIONS THAT WILL SHUT DOWN THE FORECLOSURE MILLS | Matt Weidner Blog

IF YOU NEVER CHECK OUT ANY OTHER BLOGPOST - you must check out the one above. Matt is giving out free documents that you can redact and use in your court cases to fight foreclosures. You will have to check out your own state or laws but this is wonderful information.

Other documents that help in foreclosure can be found at the yahoo group mentioned in the right hand column.

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications-

Confused by your IRS obligation after foreclosure or short sale?

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Taxes and Foreclosures: Untangling the Mortgage Mess"> : "The Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence. There is no dollar limit if the principal balance of the loan was less than $2 million ($1 million if married filing separately for the tax year) at the time the loan was forgiven. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for this relief.

This provision applies to debt forgiven from 2007, 2008 or 2009 (extended through 2012 by the recently passed Emergency Economic Stabilization Act of 2008). However, it is important to note that this change only applies to homes used as a principal residence. Debt forgiven on second homes, rental property or business property does not qualify for the new tax-relief provision.

Even though the forgiven debt is excluded from income, the amount of debt forgiven still must be reported (on Form 982). Clients should receive Form 1099-C Cancellation of Debt from their lender, showing the amount of debt forgiven or cancelled.

Issues and Considerations"

Of course, as with any legislation, >>>>KEEP READING FOR ISSUES

For FURTHER reading GO TO THE SOURCE: IRS

(click on links)

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17. The following are the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation: What is Cancellation of Debt? If you borrow money from a commercial lender and the lender later cance>>>>>KEEP READING ON IRS.GOV

WE Live in a Fishbowl - Moving without leaving

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications. I hope that this post puts empathy into play. When my neighbor was foreclosed I did not feel it.....we didn't talk. All I knew was one day they were there - the next they were gone. It seemed to happen fast.

Fishbowl Views

Okay if the title doesn't make sense, it is because I am tired, tired, tired. We are mostly moved out and took the curtains and blinds. That means we are living in a FISHBOWL. At our place we have lots of LARGE WINDOWS that allow nighttime viewing.

During the day the screens allow us to peer out without being watched by anyone. NOW LIFE, is

full circle.When we moved here, there were no blinds. We bought paper blinds, because at dinner time the sun BLINDED me as I cooked dinner. I actually wore sunglasses to cook!

WE have moved almost everything out that we don't need for just a couple of days survival. One skillet, one pot, and paper/plastic for the kitchen. One bed, no dressers or nightstands. TV and computers stay; what does that say about my priorities?

Life On The Farm

We still have the three golden retreivers, Ms. Barker, Ms. Bird Chaser and Mr. Mellow. They will be missing this golden acre of land when they are rehomed. Two goldens are going to temporary housing with friends, and one is coming with us. The dogs are my daughter's and she will not be able to have any of them with her. They have been her best friend's for 6 years. Hopefully we will be able to re-home ourselves in a couple of months.

Things that change and a CALL TO ACTION

For instance: Where do you put the extra car that when you get the money will save your bacon when the current car breaks down? Do you just lose out? Do you stick around waiting for the sheriff, the courts or the bank to make motions on your letters; or do you just keep moving your stuff.

Do you rent a bulldozer to tear down that tree that you planted and has FINALLY become large enough for shade. After 3 previous plantings, it’s finally high enough that you don’t’ have to duck when you mow under it!

Where do you go if your credit and income are trashed? Do you sue the people that didn't pay you rent, or pay you income? Each decision has a loop that plays mind and in your decision making every day.

What about schooling? Pets? Paperwork? Address changes. For some the address change will be a PO box because they are going to live in the forest, in their car or in a garage. People of America it is time to stand up and say enough is enough. The government bailouts did not help people, banks and courts are shutting people down and it affects ALL of society. Your property values and local crime rates are affected by this debacle.

If you need to learn more see the link to the left top for yahoo groups? That is for the mortgage-challenge group. You can learn more there, if you are in need of help, it is very useful. Consider contributing to the group owner via paypal so that they can continue helping people. There is a call for people from other states to start groups to help each other. NEIGHBORS helping NEIGHBOR. If you need tips and help for court preparation order Jurisdicitionary with this referral code to help local efforts. I have been impressed with their newsletter!

Current Status

We have not received a sheriff's notice yet, although it is recorded that judgement for eviction was upheld despite our pleadings. WE have one document left in the system that the judge did not rule on. We are prepared to fight further if we have to.

Our temporary digs are in place, we are cleaning and situating for the eventual, inevitable move, as we move some of our things to the new “haunts”. The place is tiny and so we have things in storage and a daughter moving in with family members. All of this takes time. Of course once the sheriff shows up, I will not fight guns, ‘ya know? WE will keep you posted. For now, living in a fishbowl is an adventure and a good reminder of the need to keep light. All said and done, I am optimistic, God always takes care of us and the future looks better than the past.