Dallas House Now an REO

Angleridge Dallas TX

I spoke with the hard money lender about how the Trustee’s Sale (foreclosure auction) went today for the Dallas house. He said the lawyer hasn’t called him yet, which means it probably didn’t sell. So we’re assuming the Dallas house is now an REO (Real Estate Owned).

Here is a good definition of a REO and why investors like to buy REOs (from RateEmpire.com):

The term REO is used to refer to a piece of real estate (property) owned by a bank, and capitalists usually get excited at the thought of investing in an REO property since they consider it to be easy money making options. An REO is different from a foreclosure property in the sense that the bank has already tried to sell it at a foreclosure auction and has not been successful in getting bids, and following this, the bank then became the owner of the property because the property was not bid on. As expected, the bank is not too interested in keeping the REO for any longer, and this makes it a good opportunity to cash in on for an investor. However, it must be remembered that every REO need not necessarily be a good deal, but in general, it has been seen that when it comes to an REO there usually is a lot of money waiting to be made.

Are you sure our credit will be clean??

The lender assured me again that they are NOT going to report anything on our credit. I ask him further:

Casey: What about the Notice of Trustee’s Sale and the Trustee’s Sale itself? Will that somehow show up on our credit?”

Lender: No, it will just be in the public records. It will not be on your credit.

Casey: I sent you the Deed-in-Lieu-of-Foreclosure. Can you explain again why you foreclosed on it anyway?

Lender: Just because you sent it doesn’t mean I have to accept it. Besides, I got it yesterday and the sale is today. I had no time to run a title check and record it.

Casey: Yeah, I know. It’s my fault. I should have sent it to you last week when we first talked about it. I was hoping the New York City buyer was going to close, and then I was tied up by some stuff…

Lender: Yes you should have sent it [Deed in Lieu] a month ago.

What about property taxes??

I also talked to the lender about taxes and he confirmed that there was no escrow account. So I am responsible for the pro-rated amount of taxes for the duration of my ownership. I bought the house in May.

So I figure it will be about $3,600. Ouch!

The lender said that if I can find him a buyer real quick at a reasonable price, he may be willing to pay off my taxes from the proceeds.

Anybody want to buy the Dallas house?

Please…?

Filed under deals, foreclosure, Dallas
Asking Prlinkbiz to Void The Contract
Have You Been Foreclosed Upon?
79 Comments

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1. Misstrial
November 7th, 2006 at 10:48 pm

“Lender: No, it will just be in the public records. It will not be on your credit.”

Casey: Please cut & paste my previously posted response to you on this topic and send it to this Lender.

I think this Lender is just trying to soften the blow for you.

~Misstrial, copyright 2006
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2. 6-4-3
November 7th, 2006 at 10:51 pm

What a joke. At least its off your plate and you have one less headache for the time being (until you see your credit report). You got off pretty easy if all you get stuck with is a $3.6k tax bill and a foreclosure on your record. My guess is that you haven’t heard the last from this guy. In the course of the next month, expect liens to be levied against your other properties and any personal assets (if any).*

So have you talked to your lender about walking away with your $10k in profit yet? Has he stopped laughing long enough to give you an answer?

And no, I’m not interested in buying that POS in the middle of the crotch of the nation.
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3. FromJulianInCA
November 7th, 2006 at 11:16 pm

This house top 150k at most. The Dallas market is now in full vigorous soft landing.

The bank will do what is necessary to sell, and expect a 40-50% haircut on the price. And it will be a hot potato because for the first time since 1935 house prices are dropping accross the country as a whole,

Whoever buys this house will need to:

1) Want to actually live in it… I bet the neighborhood is enjoyable in one of the murder capitals of the nation!

2) Accept to take a depreciating asset for the next 5-10 years (hence the necessity for the above).

i.e Dumb and Dumber!
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4. Nobody
November 7th, 2006 at 11:38 pm

I think that the New Zealand suggestion is not such a bad idea.

Research: New Zealand, Australia, EU, Asian countries.

Be prepared.
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5. Nobody
November 7th, 2006 at 11:39 pm

Ieah, and I forgot: Stop begging! Have you ever seen a beggar to get a good deal?
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6. Rick
November 7th, 2006 at 11:46 pm

Umm, stop blogging and get a job before the rest of your properties end up foreclose and you get thrown in jail?

If you show a good faith effort to repay your debt the court will most likely go easy on you. That means go get a real job, get a real lawyer, and start negotiating with your lenders.

If you continue to stay this course you are going to get hammered buddy. Your choice.
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7. peeper
November 7th, 2006 at 11:56 pm

Wow, so.. investors like REOs. Why don’t you try to snag this one and flip it for a great profit? No, wait. You tried that. Never mind.

Sorry, Casey, but can you see the ridiculousness of your situation? Please, dump your properties and get on with your life and forget the idea of getting rich quick. Especially through real estate.
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8. peeper
November 7th, 2006 at 11:58 pm

Also, you might want to register IHAVEBEENFORECLOSEDON.COM
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9. Mycroft
November 8th, 2006 at 12:08 am

Don’t sweat the taxes. Now that the lender owns the property either thru a deed in lieu or foreclosure, he’s responsible for them. If he doesn’t pay them, the county sells the property at a tax sale. Chances are 100% the lender will pony up the dough. He may ask you for $3,600 but if you don’t give it to him, what’s he gonna do? Take away the house? Sorry, bub, already gone.

On the other hand, you should sweat the credit report. I’m not positive, but I think credit reporting agencies pick up delinquencies from public records. You might want to check with them to see if you’re in the clear on that or not.
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10. Forsaken
November 8th, 2006 at 12:54 am

Sorry man. This is looking to wind up on both u guys credit.
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11. Anomalous Blowhard
November 8th, 2006 at 1:01 am

The HML won’t pay your property tax. Why would he? He doesn’t owe you anything.
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12. Legion
November 8th, 2006 at 1:26 am

Hey I just realized, does anyone else think that in that picture with prlinkbiz Casey kinda looks like Golem from Lord of the Rings? Same dumb greedy coveting smile…
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13. Take Some Responsibilty
November 8th, 2006 at 1:55 am

Casey -
Have you ever seen the film 25th Hour? I suggest you watch it soon. Basic storyline: drug dealer on his last day before prison ties up some loose ends. He (Ed Norton) ends his day by provoking his best friend to maul his face so that he won’t be so attractive during his first few days in prison. You, my skinny little white friend, will be seen as fresh meat and a tight you-know-what. It’s coming. Prepare accordingly.
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14. UncleC
November 8th, 2006 at 2:03 am

Aside from catching us up on the status of the other properties, what happened about getting that new set of wheels?
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15. Esq.
November 8th, 2006 at 2:55 am

Casey, DON’T let copyright commenters post here. Delete any comments that say “copyright.” These people are waiting for the day that you make money with a book or film deal. They will sue you if they see a phrase in your book that resembles something they once posted on your blog. This is the ONLY reason someone would “copyright” something in an anonymous forum.

-fellow RE blogger
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16. Esq.
November 8th, 2006 at 3:00 am

“Lender: Yes you should have sent it [Deed in Lieu] a month ago.”

… You have 4 other properties. Do I need to tell you what to do? Start working this stuff out with your lenders or it’ll just get worse from here. Every day is a day wasted and, what, another $1000 in debt?

As a fictional Vietnam war general once said, “Son, you’d better get your head and your a** wired together or I WILL take a giant s*** on you!”
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17. Voice of Reason
November 8th, 2006 at 5:50 am

“Casey: Yeah, I know. It’s my fault. I should have sent it to you last week when we first talked about it. I was hoping the New York City buyer was going to close, and then I was tied up by some stuff…”

Casey - in the REAL business world, no one cares about your last sentence. It’s just EXCUSES about why you didn’t follow through on your “I’ll get right on it”. EXCUSES…

You’re a child playing in the adult world - and you are just flat incapable, at this point in your life, of understanding the rules. And you plain refuse to listen to people who are explaining those rules to you.

And, I really have no clue as to why I continue to post here. Need to make myself stop wasting my time…
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18. Duane
November 8th, 2006 at 6:11 am

“every REO need not necessarily be a good deal, but in general, it has been seen that when it comes to an REO there usually is a lot of money waiting to be made.”

Look at that opportunity Casey! You should buy that property. Run, don’t walk to the bank and get a 110% mortgage on the property.

(just kidding)
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19. rob
November 8th, 2006 at 6:20 am

Dude I posted twice last week to get the DIL done.

That was a huge mistake.

There is no way the credit reporting agencies aren’t going to pick up the foreclosure.
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20. Lou Minatti
November 8th, 2006 at 6:36 am

Sometimes I think you’ll skate due to your ability to gin up publicity and sell your sob story. Now you are telling us you bought a house without understanding the basics of property taxes. I no longer think you have the brains to work your way out.
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21. Sputnik the Cat
November 8th, 2006 at 7:48 am

“Lender: No, it will just be in the public records. It will not be on your credit.”

Where do you think Credit Bureaus GET THE DATA FROM??!!?? One of the main sources….oooh, here it comes….PUBLIC RECORDS!!!

Jeez, you get stupider every day. I’m a cat, and even *I* knew that!
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22. John
November 8th, 2006 at 7:58 am

I assume this is the only “deal” we’re hearing about because you actually had some “equity” in it???? It looks to me like the only criteria you used to choose these houses was the ability the get cash back at closing - nice plan - and you are so underwater on the other properties - having essentially paid too much in addition to goosing the mortgage amount in order to get your cash, that the debt pyriamid you’ve built is literally collapsing all around you. No way out of this - beg for short sales and dil’s and WAIT for all the liens to be filed against you, including the government’s tax lien on your lenders’ losses (your loan forgiveness) and then file chapter 7 - the irs will work with you, but you must get a good tax attorney.
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23. bubba
November 8th, 2006 at 8:01 am

Casey,

Alls I can say is we’re looking forward to seeing you on Cell Block D.

Lovingly,

Bubba

PS. Ya got purtty lips.
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24. Fred Fry
November 8th, 2006 at 8:02 am

I was right. You wasted the postage to mail the letter and any fee you might have paid to notarize it.

Now, markt this house as forclosed on and forget about it. You don’t own it any longer. Try to worry about selling the ones you still have.
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25. Mtgpro
November 8th, 2006 at 8:51 am

Foreclosures will show as public record on your credit report. It will affect your credit.
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26. bizguy
November 8th, 2006 at 9:44 am

I’d suggest monetizing this site more to bring in more income, put ads inside of the stories, as well as use other income, such as Text-Link-Ads and everything else you can.

Also, START BUILDING A LIST of visitors, so that when you’re out of this mess, you’ll be able to sell products/newsletters, etc. This is the best long term solution.
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27. Dan
November 8th, 2006 at 9:45 am

I’m curious, now that you are “out” of the Texas house, if you’ve looked at the overall return for this transaction?

You brought in $30K cash and an additional $30K in escrow for repairs (I think those numbers are right)

How much did you pay your lender before stopping? X payments successfully made or whatever…

At the time of the foreclosure how much did you owe in back payments, penalties and interest? Do you still owe that money or does that get wiped away somehow in the foreclosure?

If the HML ends up selling the property for less than your original loan, or gets less after realtor fees etc, can he come after you for any losses to his principal?

Did you get any “cash back” or rental income or anything from this whole transaction?
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28. Blah
November 8th, 2006 at 9:50 am

Mycroft~

“Now that the lender owns the property either thru a deed in lieu or foreclosure, he’s responsible for them.”

Sorry pal, you’re wrong. Since Casey has owned them for a time he is responsible for the taxes during the time he owned them.

And yeah, he really should sweat the taxes. The gov’t doesn’t just let you get away with not paying your taxes. Also, if he has his debt forgiven, the feds consider that income, he will owe a ton of cash due to income taxes. He is really in a corner, his credit score is the least of his worries.
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29. edward allen
November 8th, 2006 at 10:02 am

[…] You are much too nice to her and anyone whose business plan is running carts in local malls obviously doesn’t have much on the ball. She’s suckered you. Publish the details so we will all know how much more you now stand to lose.
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30. Rodent
November 8th, 2006 at 10:05 am

Things that go into public records show up on your credit. I’m not an expert, but on truecredit.com they show a nice graphical explanation of your credit score and all your debt obligations. They also show things like whether you made any late payments. One of the marks on the display is “public records.” So, I’m almost certain the public record is going to trash your credit.
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31. NoVa Sideliner
November 8th, 2006 at 10:09 am

Oh boy…

Lender: Just because you sent it doesn’t mean I have to accept it. Besides, I got it yesterday and the sale is today. I had no time to run a title check and record it.

Yep, that’s what happens when you procrastinate. Didn’t you expect that they’d not be able to handle that if it shows up right before the foreclosure action? How do you think companies work? This was a very dismal but not unexpected performance on your part, Casey: Instead of trying to resolve this thing fast and effectively, you went wandering off on self-promotion junkets.

Actually, you could have still done the junkets AND the Deed-in-Lieu. All you had to do is act on the DIL the very day the lender told you they would/might accept it, but instead, you put it off until it was too late.

You’re not learning, and instead of being on the ball like a real businessman, you’re living your life like an irresponsible teenager, albeit one with wild ambitions. I won’t even comment further on the stupidity of signing that latest PR contract deal, thus causing yourself even further aggravation in future. Tighten up, man. Unfortunately for you, I reckon it’s too late. You’re done.
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32. G-man
November 8th, 2006 at 10:12 am

So now that you realize lenders need some lead time when you do a DIL, assuming you may want to do that on another property, what is the next property you need to deal with?

You actually sounded relaxed on the radio about some of your CA properties because you had something like several months of time … well this year is almost over… what’s next for these properties?
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33. SCapitalist
November 8th, 2006 at 10:22 am

Casey,

I sure am enjoying the details of your saga. While many want to point fingers and yell and scream about what you did, I have to say that you have alot going for yourself. I am amazed at the way you have generated media attention and promoted yourself. Desperate times call for desperate measures, and creating a media frenzy will has increased your exposure, and your chances of selling your houses. Smart move! I also like how you have owned up to your mistakes. In a way I am somewhat envious of you. You have some major guts and a very high tolerence for risk. You just have to learn to funnel those attributes into more concise and informed investment decisions. I wish you the best.

~SCapitalist
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34. KruziTürkn
November 8th, 2006 at 10:34 am

let me see…a hard money lender gives a 24 year old Uzbeki donkey cart driver money to purchase a home in Dallas that is worth much less than the actual purchase price so said donkey cart driver can Cash Out at closing…
I hope that you have at least paid your health insurance because you will need it when said HML is going to cap your knees.
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35. HungryBear
November 8th, 2006 at 10:46 am

I’ll give your hard money guy $50,000 cash for it. “As Is”, “Where Is”, “With all its faults”, no financing contingencies, close in 10 days. If he wants it, let me know. He can take it or leave it. Please no counter offers as I try to keep my inbox clean.
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36. Postman
November 8th, 2006 at 10:55 am

Um, Esq., it doesn’t matter if the poster mentions copyright or not, or if they explicitly claim copyright with a (c). Anything they write is automatically copyrighted and owned by its author. That’s how copyright works.

Back to the subject at hand…I’m new here, so why won’t you declare bankruptcy, and walk away? What possible reason do you have for not? Protecting your credit? It’s screwed already, dude. Because you think it’s morally wrong? Please. You lied on applications. Because you’re afraid they’ll reject it and charge you with a crime? I honestly don’t get it.
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37. Joe
November 8th, 2006 at 11:11 am

No matter what anyone says, remember these four words. “You are an idiot”

When you need to make a decision, go back to those 4 words.
When life seems to be getting you down, go back to those 4 words.

How much did your broker make off these deals?
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38. Sometimes, you just can’t look away. » Friday Open Thread
November 8th, 2006 at 11:48 am

[…] So, I’m curious–what exactly is so wrong with Casey Serin’s houses that he can’t sell them? According to his latest post, the house in Dallas couldn’t even sell at a foreclosure auction. I looked at the photos, and there are a LOT worse houses out there. Is the market is really that bad? […]
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39. 1099 question
November 8th, 2006 at 11:55 am

Ignoring property taxes… Why is the 1099 a big deal?

He lost money on this deal, the 1099 will confirm it. That will offset any gains he has on his tax return. He can carry forward the losses in case someday he actually does make some profits.
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40. ymous
November 8th, 2006 at 11:58 am

One thing that you’ll definitely come out of this experience with is a thick skin.

Mistrial - very magnanimous of you to allow Casey to cut and paste your previously “copyrighted” work.
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41. Unbelievable
November 8th, 2006 at 12:44 pm

Only 33 comments today ? I guess Casey is at work with Rich Dad.

What is going on with your other properties ? Have you slashed your wrists yet ?

Maybe a match and a can of gas will help, you DID pay your homeowner’s premiums didn’t you ?
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42. will
November 8th, 2006 at 12:45 pm

yawn
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43. moom
November 8th, 2006 at 12:51 pm

The lender owns the house now (I think but am getting increasingly confused). Why does Casey care whether someone buys it or not?
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44. Free advice
November 8th, 2006 at 1:16 pm

Income taxes?

Why do we keep having to rehash this?

Debt forgiveness is taxable income — UNLESS you’re insolvent.

Note: “Insolvent” doesn’t mean “bankrupt.” It just means your liabilities exceed your assets.

I think Casey clearly qualifies as “insolvent.”

Note: I use the words “assets” and “liabilities” above as we refer to them here on planet Earth.

RK readers should consult their “RichDad-to-English” dictionaries for a translation.
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45. Sir Cornholeo
November 8th, 2006 at 1:19 pm

Mr. Super Real Estate Investor ( Casey),

Go HERE…..www.creditreport.com

Spend the $19.95 and pull the 3 credit reports. Do NOT be please if the foreclosure isn’t showing, as it takes some 30 days to hit. Make no mistakes though. it will be reported.

Also, in your spare 10 minutes that you are mot wasting time blogging and backing out of deals go here to see what lays before you from the Uncle Sam.

http://www.irs.gov/publication.....tml#d0e938

“Foreclosures and Repossessions
If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. The foreclosure or repossession is treated as a sale or exchange from which you may realize gain or loss. This is true even if you voluntarily return the property to the lender. You also may realize ordinary income from cancellation of debt if the loan balance is more than the fair market value of the property.

Buyer’s (borrower’s) gain or loss. You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale or exchange. The gain or loss is the difference between your adjusted basis in the transferred property and the amount realized. See Gain or Loss From Sales and Exchanges, earlier. ”

“Amount realized on a recourse debt. If you are personally liable for the debt (recourse debt), the amount realized on the foreclosure or repossession does not include the canceled debt that is your income from cancellation of debt. However, if the fair market value of the transferred property is less than the canceled debt, the amount realized includes the canceled debt up to the fair market value of the property. You are treated as receiving ordinary income from the canceled debt for the part of the debt that is more than the fair market value. See Cancellation of debt, later. ”

“Forms 1099-A and 1099-C. A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A showing the information you need to figure your gain or loss. However, if the lender also cancels part of your debt and must file Form 1099-C, the lender may include the information about the foreclosure or repossession on that form instead of on Form 1099-A. The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. For foreclosures or repossessions occurring in 2005, these forms should be sent to you by January 31, 2006. ”

Happy reading.
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46. star
November 8th, 2006 at 1:59 pm

“Lender: No, it will just be in the public records. It will not be on your credit.”

Sure, and when LexisNexis does it routine data-mining of those records, it will end up on your credit reports.
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47. gozar
November 8th, 2006 at 2:39 pm

by the way, i was being sarcastic in my statements about PRLINKBIZ. she completely, and thoroughly, OWNED you, kid.

i don’t think she pushes a mall cart. i think she eats up 24 year old wannabes for dinner.

she’s kind of hot too.
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48. Rick
November 8th, 2006 at 2:44 pm

1099 Question,

It’s not Casey’s loss…it is the lender’s since he is the one that really paid for the house. That means that basically every penny the house sells below what the lender paid is accounted for as income for Casey, since he took the money from the lender and spent it on the house.
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49. Tim
November 8th, 2006 at 2:49 pm

“Ignoring property taxes… Why is the 1099 a big deal?

He lost money on this deal, the 1099 will confirm it. That will offset any gains he has on his tax return. He can carry forward the losses in case someday he actually does make some profits.”

This was dealt with extensively in some of the threads from a couple of weeks ago. In a nutshell:

1. The 1099 reflects forgiven debt and is treated as ORDINARY INCOME. This is taxable at marginal rates of about 40 - 45%, in California (for the amounts Casey is likely to see appearing as “income,” namely, amounts in excess of $100K this year, perhaps more next year if and when more houses are foreclosed on at a loss.)

2. Any losses in sale of an asset are treated as CAPITAL LOSSES (either short term, or long term, if the asset was held the requisite amount of time, typically 6 months or a year, depending on the current tax code in place).

3. For individual and married filers, capital losses may only offset ordinary income by $3000 in any year. The excess may be carried on to offset ordinary income in future years.

4. Bottom line, Casey will have a bunch of capital losses, most of them long term, but will effectvely be unable to apply them to the 1099 ordinary income the IRS and FTB tax at the high marginal rates. (Feds tax ord. income marginally at about 34-38% for these amounts, California tops out at about 10%.)

5. Had Casey run his purchases as a business, either formally as an S-type corp., for example, he might have been able to count all losses against all gains. But his “owner occupancy” promises, and his admissions here that he is just buying houses, and the apparent lack of any “mark to market” accounting, makes avoiding the ordinary income situation very difficult.

(I’ve been living as an investor for 20 years, just on investment income. And yet, like millions of others just like me, I file taxes in the standard 1040 way. Transferring my assets to a corporation and “drawing” an income would require much paperwork and legal review. Most don’t do it. And Casey almost certainly cannot go back in time and erase his statements which gave all indications he is just a guy buying houses, just like I’m a guy buying stocks and bonds, and not “Casey Properties, Inc.,” for tax purposes.)

–Tim
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50. Ray-Ray
November 8th, 2006 at 4:09 pm

Yo dawg,

This guy is just a troll with a blog and an agenda right? I mean, seriously yo. I have been reading a lot of this and it all sounds to me like Casey has us all as his marks and he has played a brilliant game. He is not the truth. He can’t be. Some of this is just going too much to script and it is starting to get unreal.
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51. Willing Suspension of Disbelief
November 8th, 2006 at 4:10 pm

Casey is the Steve Irwin of RE.

Same bravado, same ending.

Krikey!
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52. Me
November 8th, 2006 at 5:08 pm

This blog was disturbed entertainment but now it’s evolved into a stomach-churning story. I felt sick reading about the string of “mentors”.
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53. havasufsbo
November 8th, 2006 at 5:56 pm

RAY- RAY you hit it right on the target and i give Casey credit for doing this. He didnt just give up he used his skills and took advantage of them very smart if you ask me i also notice more and more advertisers here on this blog thats means $$$ for casey this guy isnt hurting he just wants us to think that so we keep coming back to see the latest thing to go wrong and some of us do including me very clever indeed
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54. star
November 8th, 2006 at 5:57 pm

Anyone who has doubts about the truth should do a simple public records check. The facts are there for all to see. Unfortunately, Casey really does have a huge mess on his hands and it gets worse by the minute.
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55. 6-4-3
November 8th, 2006 at 6:46 pm

“The lender owns the house now (I think but am getting increasingly confused). Why does Casey care whether someone buys it or not?”

In the intro, Casey claims that the lender said that he would consider covering Casey’s property tax obligations (~$3.6k) if he helped find a buyer for the Dallas property.

“Debt forgiveness is taxable income — UNLESS you’re insolvent. Note: “Insolvent” doesn’t mean “bankrupt.” It just means your liabilities exceed your assets. I think Casey clearly qualifies as “insolvent.””

There’s a major exception if the debtor committed fraud on the loans in question, as nearly all “normal” consumer protections for bankruptcy disappear when fraud has been committed. BTW, it doesn’t take a criminal conviction for that fraud to negate normal consumer bankruptcy protections, as bankruptcy is a civil matter in which there is a much lower burden of proof.

Casey evidently doesn’t realize that every conversation he has with a lender can potentially be used against him in court (statement against interest is hearsay exception). Anything he posts on this blog could be used against him. And of course, same deal with any and all self-incriminating statements he makes on the radio.

It was positively comical how this idiot got himself into this mess, but its beyond funny how he continues to dig himself a deeper hole. Stupid loser, STILL doesn’t get it.
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56. Jos
November 8th, 2006 at 6:52 pm

Good luck selling it! The house looks very dated. That sort of home was very popular in the early 70’s. As you maybe be aware, peoples taste change. Things fall in and out of favor over the decades. The grand Victorian homes that were neglected (and some torndown) in the 70’s are now very popular once again. Even some of the new contruction is aping the grand homes of the dawn of the 20th century.
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57. Free advice
November 8th, 2006 at 7:13 pm

Tim:

All that 1099 crap above is moot.

Did you check the insolvency exclusion?

Note: It’s not surprising most people don’t know about it. After all, going broke is not generally a preferred method of avoiding taxes.
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58. Esq.
November 8th, 2006 at 11:06 pm

Postman

“Um, Esq., it doesn’t matter if the poster mentions copyright or not, or if they explicitly claim copyright with a (c). Anything they write is automatically copyrighted and owned by its author. That’s how copyright works”

So if I spray paint “CASEY ROOLZ” on the side of your house, can I sue you for erasing it? Because it’s “automatically copyrighted”? Get a clue.
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59. Free advice
November 8th, 2006 at 11:28 pm

6-4-3

You misunderstand.

I’m not talking about bankruptcy. I’m talking about insolvency.

Bankruptcy is a legal proceeding — handled by a court.

Insolvency is a condition. You can be insolvent and never declare bankruptcy.

The tax code clearly says that you must report your 1099-C debt forgiveness “income” on line blah blah blah, “unless the following exclusions apply.” Then you DON’T put the amount on line blah blah blah. One of those conditions is insolvency. Bankruptcy is not required. Look it up.

To summarize: Tax obligations may indeed NOT be discharged in bankruptcy. But if you don’t have the tax obligation (once again, the exclusion), then there are no tax obligations to discharge.
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60. itrusted
November 9th, 2006 at 1:54 am

Casey,
I buy foreclosures and in my opinion you do not owe the back property taxes. Those are against the house and will have to be paid out of escrow when the house is next sold — otherwise the new owner would not be receiving clear title. When I am analyzing a foreclosure opportunity I always check to see if there are any outstanding property taxes and figure that into my total cost basis for the property. Your unpaid property taxes are now the lender’s problem
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61. You are a liar and a thief
November 26th, 2006 at 3:54 pm

Just Cool. Now you are getting out of paying the property taxes too? You deadbeat.
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62. rps
December 5th, 2006 at 3:52 pm

i really like harry’s comments, where are your parents, see this is the damn problem in this country , LACK OF A** WHIPPINGS, if your old man, had instilled discipline and credibilty within you, you wouldnt be on this “little work, get rich quick scheme” i see it over and over and over, and the damn problem is LACK OF A** WHIPPINGS
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63. I am Facing Foreclosure .com
March 18th, 2007 at 8:51 pm

Guadalajara Dr, Rio Rancho NM Sonora Ave, Albuquerque, NM (Sold Jun-06) Muncy Dr, Modesto CA W 10250 N, Highland UT (Wrapped, Unwrapped, Wrapped?) Larchmont Dr, North Highlands CA (Foreclosed Feb-07) Angleridge Rd, Dallas TX (Foreclosed Nov-06)
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64. I am Also Facing Foreclosure
May 25th, 2007 at 4:28 am

Sonora Ave, Albuquerque, NM (Sold Jun-06) Muncy Dr, Modesto CA (foreclosed Apr-2007) W 10250 N, Highland UT (Wrapped, Unwrapped, Wrapped?) Larchmont Dr, North Highlands CA (Foreclosed 07-Feb-2007) Angleridge Rd, Dallas TX (Foreclosed Nov-2006)