Category Archives: Tax Issues

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2013 Short Sale FAQs [Part One]

Posted on by Phil Querin

The local and national real estate markets have been on the ropes for five years. The third quarter of 2007 was the statistical peak for housing prices in the Portland-Metro area.  From that point forward, the real estate market went into a downward spiral from which it has never fully recovered.  However, the third quarter […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Fannie&Freddie, Financial Crisis, Foreclosure, Foreclosure Mills, GSEs, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Servicers, Short Sales, Tax Issues | Tagged , , , , , , , , , ,

IRS Fresh Start Program

Posted on by Phil Querin

I just ran across an interesting post on the website JDSupra, authored by attorney Mary Beth Lee, of the San Francisco-based law firm Duane Morris LLP, describing the IRS’s apparent attempt to sell hope rather than sow fear. For those folks still digging out from the financial woes visited upon many over the past five years, […]

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Posted in Financial Crisis, Miscellany, Real Estate/Distressed, Tax Issues | Tagged

Belial Bank’s 2012 Holiday Planning Meeting

Posted on by Phil Querin

Following a rough and tumble year in the banking industry, Belial Bank’s feckless fearless leader, B.L. Zebub, believes it is high time to bring some levity and loyalty to the lowly troops who have been tirelessly foreclosing all the Beleaguered Borrowers they may have missed the first and second time around.  Mostly, however, B.L. is […]

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Posted in B. L. Zebub, Belial Bank, Deficiency Liability, Financial Crisis, Foreclosure, Foreclosure Mills, Legislation - Federal, Lenders, Market Conditions, MERS, Real Estate/Distressed, Realtors, REOs, Servicers, Subprime Crisis, Tax Issues | Tagged , , , , , , , , , , , , , , , ,

Will The Mortgage Forgiveness Law Be Extended?

Posted on by Phil Querin

Background. In 2007 Congress passed the Mortgage Forgiveness Debt Relief Act.  The gist of the law is that for those taxpayers who have had debt cancelled as the result of a principal write-down, short sale, deed-in-lieu, or foreclosure, the ordinary income tax that would normally be assessed is forgiven. There are two primary qualifications: (a) […]

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Posted in Deed in Lieu of Foreclosure, Financial Crisis, Foreclosure, Legislation - Federal, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Short Sales, Tax Issues | Tagged , , , , , , , ,

Distressed Housing, Distressed Marriage

Posted on by Phil Querin

Over the course of the past two and one-half years, I’ve met with hundreds of folks experiencing the trauma of dealing with huge negative equity in their homes.  In lay terms, they’re “underwater” – meaning that the value of their home has dropped below what they paid, and frequently is now less than what they […]

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Posted in Deficiency Liability, Foreclosure, Miscellany, Real Estate/Distressed, Realtors, Short Sales, Tax Issues | Tagged , , , , , , , , ,

Another MERS Slapdown! The Recent James Case Analyzed (Part Two)

Posted on by Phil Querin

[This post is the second in a two-part discussion of the recent case of James vs. MERS, et. al. The full text of Judge Simon’s decision can be found here.  The link to Part One of my analysis can be found here.  Besides the sheer joy of (metaphorically) poking my finger in the eyes of […]

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Posted in Financial Crisis, Foreclosure, Foreclosure Mills, Legislation - Oregon, Lenders, Market Conditions, Miscellany, Real Estate/Distressed, Servicers, Tax Issues, Trust Deeds | Tagged , , , , , , , , , , ,

Distressed Housing: This Too Shall Pass

Posted on by Phil Querin

[Caveats: 1. The following information is solely based upon Oregon law.  Residents from other states should not assume their laws will result in the same outcome. 2. This post is for informational purposes only and should not be relied upon as “legal advice” for your particular situation.  In all cases, you should consult with your […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Oregon, Miscellany, Real Estate/Distressed, Tax Issues, Trust Deeds | Tagged , , , , , , , , , , ,

MERS Musings – James v. ReconTrust, Bank of America, et. al. Analyzed [Part One]

Posted on by Phil Querin

“[The defendant banks] categorize [the plaintiff borrowers] as ‘strategic defaulters’ who are riding out their admitted default by raising frivolous legal challenges while continuing to live in the subject property rent-free until foreclosure of the Deed of Trust, knowing that they will be immunized by the OTDA from any deficiency judgment upon eventual foreclosure. – Hon. […]

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Posted in Bankruptcy, Belial Bank, Foreclosure, HyperLynx, Mortgage Insurance, Real Estate/Distressed, Short Sales, Tax Issues | Tagged , , , , , , ,

Oregon Foreclosure FAQs

Posted on by Phil Querin

Although there is an abundance of useful information on the Internet, it can become confusing to many.  So I thought I’d post some of the most common questions I receive.  It is my hope that perhaps those folks who are worried about a possible foreclosure of their home, will read this post and find that […]

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Posted in Deficiency Liability, Foreclosure, Legislation - Oregon, Lenders, Market Conditions, Real Estate General, Real Estate/Distressed, Tax Issues, Trust Deeds | Tagged , , , , , , , ,

2011 – Realtor® Best Practices For Short Sales

Posted on by Phil Querin

As the Realtor® industry enters into 2011, there is little question but that short sales are going to be around for a while. It will take at least two more years as excess inventory from all sources – banks, distressed owners (current and non-current with lender), unsold new construction, new condos, and sellers waiting on […]

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Posted in Deficiency Liability, Foreclosure, Lenders, Miscellany, Real Estate General, Real Estate/Distressed, Realtors, Tax Issues, Trust Deeds | Tagged , , , , , , , , , , , ,
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