Fred Solomon's Exclusive Workshop:
Homeowners Facing Foreclosure or Short Sale. For Homeowners and Investors.
Networking opportunity also available at this event
Date/Time: Saturday, December 4, 2010 at 10:00am - 1:00pm Cost $25.00 in advance. $35.00 at the door. |  |
Who should attend? Homeowners facing Foreclosure or Short Sale, Realtors who want to help protect homeowners from the lenders coming after them for the Forgiveness of Debt (down the road) and possible potential law suits for the Realtors for NOT notifying the homeowner that the lender may do that.
Email Fred or fill out the form below if you would like to attend - thanks!
Speakers: Fred Solomon, Sr. from Solomon, Ross, Grey and Fred Solomon, Jr. of Solomon Financial, broker, author, host of the radio show: The Solomon Free Money Hour on KFWB News 980.
Fred Solomon, Sr. is a CPA and Real Estate Investor who specializes in Real Estate taxation for over 40+ years. His clients are some of the wealthiest Real Estate Investors in the US (specifically CA). He is a true real estate investor success story and a true self-made millionaire in real estate. His family literally had nothing. He bought his first property when he was 22, a triplex and rented the other 2 units and lived rent free. Now, he is sought after for his expert advice. He is well spoken and has great stories. What a privilege to learn from one of the recently voted TOP 25 CPA's in the San Fernando Valley by LA Business Journal.
From Fred Solomon, Jr.: I want to MAKE IT VERY CLEAR that I am NOT a CPA or Real Estate Tax Attorney. However, my father is a CPA (formerly on many of our radio shows and speaking engagements) and my brother works in that line of work as well. I ALWAYS say please consult with your own CPA and there are some of them who are giving out incorrect info (confirmed from my father from Solomon, Ross, Grey and Company – specializing in Real Estate).
When is it ok to walk away from your home? Whether it is a primary, vacation, or investment property, you need to know how to protect yourself from the lender coming after you personally for any forgiveness of debt or the IRS coming after you for any potential tax consequences from a short sale or foreclosure, understanding insolvency and how you can avoid any federal or state taxes, understanding BK and Foreclosure laws, and how to use this info when negotiating with the bank (if you are going thru that process).
When considering what you should do if you don't qualify for a loan modification, you have to be aware of potential tax consequences of a short sale, legal ramifications (i.e. signing a promissory note where these lenders may have the right to come after you to collect), and know when it is a good time or not to walk away from a home that you own.
Before you list your home for sale, you need to be aware of these three articles. If you or someone you know is going through this, please print out these articles and read them. If you have any questions after reading these 3 articles, talk to a CPA who understands Real Estate. We are not allowed to give out Tax or Legal advice, but I can certainly tell you what I would do if I was in your situation. In fact, my father is a CPA and my brother also happens to work with him. There are a lot of things that need to be considered. Please consult with your own CPA or Attorney.
However, if you are insolvent, that will eliminate any tax consequences (please consult with your CPA). Please do not sign Promissory Notes in your Short Sale package. If you see one in the Short Sale package, don't sign it, crumple it up and use it as practice for your basketball shooting skills. The lenders don't catch it a majority of the time. By signing the promissory note, you are authorizing the bank to come after you for your assets (possibly record a lien on any new real estate you purchase down the road). It is not good. YOU HAVE BEEN WARNED! Learn what to do and what NOT to do. Protect yourself.
What you will LEARN at this valuable workshop:
- What FULL SATISFACTION is
- What a RELEASE OF LIEN is and how to negotiate with the lender to ask for and receive a Full Satisfaction and Release.
- Articles and resources you need to be aware of. If you would like to talk to us about listing a property for sale and you owe more than what it is worth, do yourself a favor and check out these articles and then give us a call. We can give you a network of Realtors in your area that can help you.
- Tax Consequences of a Short Sale or Foreclosure - need some advice. We will provide you with this information and are available for advice.
- California won't tax forgiven home debt - More here
- Another good article to advise your friends of when it is ok to walk away from their home - More here
- Find out why too many homeowners are just flat out not told or UNAWARE of any of this information.
- There are situations where it may make more sense (tax wise, not necessarily credit wise) to let your property go into Foreclosure and be sold at the Trustee Sale (especially if the foreclosing lender is purchase money and a non-recourse loan). Find out what you need to know!
- You heard it here first and I have mentioned this on my radio program for the last 2-3 years.
Pay attention to what is written above here and confirm this info with your CPA or tax advisor who understands Real Estate or bring your CPA.
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