Question: I lost my Arizona home in a foreclosure. The lender reported the discharge of indebtedness to the Internal Revenue Service and sent me an IRS form 1099-C (Cancellation of Debt) for $100,000, the amount unpaid on the loan after the foreclosure. The lender is now threatening to sue me if I [...]
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Whether a homeowner’s decision to allow his or her lender to foreclose is based on a presently existing financial hardship, anticipated financial strain over time, or to strategically divest themselves of a bad investment, the debate rages as to whether such a decision on the part of the borrower is morally wrong or [...] When a Canadian citizen wants to acquire investment real estate in the United States, one of the first questions the investor must answer is “should the real estate be held in a U.S. corporation, limited liability company, limited partnership or limited liability partnership?” For the reasons discussed below, I recommend that Canadians [...] Arizona Republic: “New federal loan-guarantee rules imposed to fend off future government losses from plummeting condominium prices have rendered condos utterly worthless, Valley real-estate experts said. The Federal Housing Administration rules, which took effect Oct. 1, prohibit any new FHA-backed loans on condo units in projects that include more than 25 percent [...] Arizona Republic: “Short-sellers, financially distressed homeowners attempting to burrow out from under an unmanageable loan by selling the home to a third party, face greater challenges today because of a perception that short sales are time-consuming and likely to fail, local housing experts said.” As an estate planning attorney, I have seen too many situations where after the parents’ deaths, the children go to war over the family’s vacation home. If the parents do not create a good post-death master plan for the property, it’s almost guaranteed that the kids will disagree over: (i) whether to [...] Question: I formed a limited liability company to help protect me and my wife from things that might go wrong with the property. How do I get the real estate into the limited liability company? Answer: To get real estate into a limited liability company, the current owner(s) must sign [...] |
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