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TemekuT
ParticipantThe Lender is charged with issuing the 1099 for recourse or non-recourse debt relief. I believe the IRS will step up enforcement and issue guidelines to lenders to “prompt” them to follow the IRS requirements and issue those 1099’s. This is a great revenue opportunity.
In the case of non-recourse debt, refer to IRS Pub. 544, 2006 version, pages 4 & 5 “Foreclosures and Repossession”.
If actually bankrupt per IRS Pub. 908 guidelines, insolvency as calculated by IRS standards will void the tax due on debt relief.
If sleepless still, add IRS Pub 525 for added rules and guidelines!
ParticipantThe Lender is charged with issuing the 1099 for recourse or non-recourse debt relief. I believe the IRS will step up enforcement and issue guidelines to lenders to “prompt” them to follow the IRS requirements and issue those 1099’s. This is a great revenue opportunity.
In the case of non-recourse debt, refer to IRS Pub. 544, 2006 version, pages 4 & 5 “Foreclosures and Repossession”.
If actually bankrupt per IRS Pub. 908 guidelines, insolvency as calculated by IRS standards will void the tax due on debt relief.
If sleepless still, add IRS Pub 525 for added rules and guidelines!
ParticipantThe Lender is charged with issuing the 1099 for recourse or non-recourse debt relief. I believe the IRS will step up enforcement and issue guidelines to lenders to “prompt” them to follow the IRS requirements and issue those 1099’s. This is a great revenue opportunity.
In the case of non-recourse debt, refer to IRS Pub. 544, 2006 version, pages 4 & 5 “Foreclosures and Repossession”.
If actually bankrupt per IRS Pub. 908 guidelines, insolvency as calculated by IRS standards will void the tax due on debt relief.
If sleepless still, add IRS Pub 525 for added rules and guidelines!
ParticipantHey, I agree with you about the O.C. I grew up there and can’t stand it now, wouldn’t dream of living there. For those OC snobs who malign the IE, Temecula is absolutely preferable for daily living. I also agree with you about the 2003 prices in Morgan Hill, but I just couldn’t get hubby to see the light. He agitated until we were in contract for a > 1mil home in Ventana but I peppered him with facts (& veiled threats) until we cancelled that one. Now he’s a housing debacle devotee and advising the rest of the family that cash is king, get out of debt, rent for now etc. Too bad he didn’t convert until after we bought the house we’re in now. I do hope you see the point, though, many of us can afford to live here and wait things out.
Re Walmart, you also forgot it is frequented by parents that scream at “junior” and pinch him/her, while threatening to call the police to put the offspring in jail!
And, I’m not a block captain. I worked for a builder in the Bay Area and was tormented by forced involvement in the HOA of each project and I will not get involved in HOA politics or street gossip. You wouldn’t even know I live on this street.
Keep the postings coming. I love your wit.
P.S. I recently received the ultimate compliment. My 30 year old daughter (may I brag for a moment…who, since completing grad school has accumulated 50k in rolling CD’s, has regular and Roth IRA’s from her teens, and now a 401 K, plus is in Calpers, and also saves 1/3 of her net income, we taught her well) told me I was “hot” for 51. “Really honey, come on. I’m a 51 year old Mommy”. “No Mom, I mean it, you’re hot!” (my God, I love that kid!)
P.S.S. I couldn’t and still can’t believe the bling level humungous diamond rings and cleavage the ladies display here. You don’t see that much in the truly moneyed Bay Area exclusive enclaves. And, never on the streets in Europe in my experience. I had a Menifee acquaintance volunteer that hers were of silicone and CZ origin.
ParticipantHey, I agree with you about the O.C. I grew up there and can’t stand it now, wouldn’t dream of living there. For those OC snobs who malign the IE, Temecula is absolutely preferable for daily living. I also agree with you about the 2003 prices in Morgan Hill, but I just couldn’t get hubby to see the light. He agitated until we were in contract for a > 1mil home in Ventana but I peppered him with facts (& veiled threats) until we cancelled that one. Now he’s a housing debacle devotee and advising the rest of the family that cash is king, get out of debt, rent for now etc. Too bad he didn’t convert until after we bought the house we’re in now. I do hope you see the point, though, many of us can afford to live here and wait things out.
Re Walmart, you also forgot it is frequented by parents that scream at “junior” and pinch him/her, while threatening to call the police to put the offspring in jail!
And, I’m not a block captain. I worked for a builder in the Bay Area and was tormented by forced involvement in the HOA of each project and I will not get involved in HOA politics or street gossip. You wouldn’t even know I live on this street.
Keep the postings coming. I love your wit.
P.S. I recently received the ultimate compliment. My 30 year old daughter (may I brag for a moment…who, since completing grad school has accumulated 50k in rolling CD’s, has regular and Roth IRA’s from her teens, and now a 401 K, plus is in Calpers, and also saves 1/3 of her net income, we taught her well) told me I was “hot” for 51. “Really honey, come on. I’m a 51 year old Mommy”. “No Mom, I mean it, you’re hot!” (my God, I love that kid!)
P.S.S. I couldn’t and still can’t believe the bling level humungous diamond rings and cleavage the ladies display here. You don’t see that much in the truly moneyed Bay Area exclusive enclaves. And, never on the streets in Europe in my experience. I had a Menifee acquaintance volunteer that hers were of silicone and CZ origin.
ParticipantHey, I agree with you about the O.C. I grew up there and can’t stand it now, wouldn’t dream of living there. For those OC snobs who malign the IE, Temecula is absolutely preferable for daily living. I also agree with you about the 2003 prices in Morgan Hill, but I just couldn’t get hubby to see the light. He agitated until we were in contract for a > 1mil home in Ventana but I peppered him with facts (& veiled threats) until we cancelled that one. Now he’s a housing debacle devotee and advising the rest of the family that cash is king, get out of debt, rent for now etc. Too bad he didn’t convert until after we bought the house we’re in now. I do hope you see the point, though, many of us can afford to live here and wait things out.
Re Walmart, you also forgot it is frequented by parents that scream at “junior” and pinch him/her, while threatening to call the police to put the offspring in jail!
And, I’m not a block captain. I worked for a builder in the Bay Area and was tormented by forced involvement in the HOA of each project and I will not get involved in HOA politics or street gossip. You wouldn’t even know I live on this street.
Keep the postings coming. I love your wit.
P.S. I recently received the ultimate compliment. My 30 year old daughter (may I brag for a moment…who, since completing grad school has accumulated 50k in rolling CD’s, has regular and Roth IRA’s from her teens, and now a 401 K, plus is in Calpers, and also saves 1/3 of her net income, we taught her well) told me I was “hot” for 51. “Really honey, come on. I’m a 51 year old Mommy”. “No Mom, I mean it, you’re hot!” (my God, I love that kid!)
P.S.S. I couldn’t and still can’t believe the bling level humungous diamond rings and cleavage the ladies display here. You don’t see that much in the truly moneyed Bay Area exclusive enclaves. And, never on the streets in Europe in my experience. I had a Menifee acquaintance volunteer that hers were of silicone and CZ origin.
ParticipantWhat is going on here, I am being truncated now…was $70,000.
ParticipantWhat is going on here, I am being truncated now…was $70,000.
ParticipantWhat is going on here, I am being truncated now…was $70,000.
ParticipantI don’t know what just happened with the computer, but I can’t get rid of the line “the most money combined money they ever made was $2 for a Starbucks drink. Should read, was <$70,000 . Next line, "I can't bring myself to pay $2 for a Starbucks drink".
ParticipantI don’t know what just happened with the computer, but I can’t get rid of the line “the most money combined money they ever made was $2 for a Starbucks drink. Should read, was <$70,000 . Next line, "I can't bring myself to pay $2 for a Starbucks drink".
ParticipantI don’t know what just happened with the computer, but I can’t get rid of the line “the most money combined money they ever made was $2 for a Starbucks drink. Should read, was <$70,000 . Next line, "I can't bring myself to pay $2 for a Starbucks drink".
ParticipantWell, I can’t comment on the REO’s, but have you considered that perhaps not all those MLS listings need to sell? Perhaps they’re just fishing.
My neighborhood (Morgan Hill) has been the target of posts for brown lawns and to an extent it is true…but mostly with the younger families. I am representative of my street…empty nesters that could pay off our houses tomorrow if necessary…just transfer some funds. (NO, I did not inherit from my parents, they are still alive and 80, and the last time I visited, their WAMU statement with >$1,000,000 was sitting out, but that’s another problem if WAMU goes down, and yes, the most combined money they ever made was < 70 K annually, they just didn't spend money buying crap). We're here because of family (younger generation) that purchased in the IE due to affordability issues and although we hate the values downturn and we feel like losers because we put down substantial amounts or even paid cash, and paid for builder and other upgrades with cash cash, we're planted here for now and will not sell until the upturn, even if that is ten years from now. Why? Because we don't need to, and we like living by our families. We (my street's empty nesters) as a group live below our means, drive older paid-for cars, don't take expensive vacations on credit cards, buy clothes on sale, don't eat out very often, hold significant investment portfolios, and wouldn't dream of spending > $2 for a Starbucks drink. (I personally carry filtered water from my house everywhere I go). I recently went to Promenade Mall, was starving, got in line at both Wetzel’s and Auntie Annies, and walked away from both lines…I couldn’t bring myself to spend $2.69 for a few cents worth of dough. I went to Trader Joes’s, bought a bag of Honey Whole Wheat pretzels, ate some, and took the rest of the large bag home.
Perhaps we’re a statistically insignificant microcosm of Temecula stratification, but we do represent the majority on my street.
When we bought this house the McMillan sales agent I had know since our first meeting in 1997 told me she was shocked by all the younger people buying with 100% financing suicide loans. We must have sounded like old biddies; she and I knew that the chickens would come home to roost and it would be 1992 again here in the IE.
P.S. for temeculaguy and everyone else on that post about Chick’s…one of the first things I did upon hitting Temecula was to dye my hair brown, drinks lots of red wine and coffee, have the implants removed, gain 25 pounds, and buy a Subaru :))
ParticipantWell, I can’t comment on the REO’s, but have you considered that perhaps not all those MLS listings need to sell? Perhaps they’re just fishing.
My neighborhood (Morgan Hill) has been the target of posts for brown lawns and to an extent it is true…but mostly with the younger families. I am representative of my street…empty nesters that could pay off our houses tomorrow if necessary…just transfer some funds. (NO, I did not inherit from my parents, they are still alive and 80, and the last time I visited, their WAMU statement with >$1,000,000 was sitting out, but that’s another problem if WAMU goes down, and yes, the most combined money they ever made was < 70 K annually, they just didn't spend money buying crap). We're here because of family (younger generation) that purchased in the IE due to affordability issues and although we hate the values downturn and we feel like losers because we put down substantial amounts or even paid cash, and paid for builder and other upgrades with cash cash, we're planted here for now and will not sell until the upturn, even if that is ten years from now. Why? Because we don't need to, and we like living by our families. We (my street's empty nesters) as a group live below our means, drive older paid-for cars, don't take expensive vacations on credit cards, buy clothes on sale, don't eat out very often, hold significant investment portfolios, and wouldn't dream of spending > $2 for a Starbucks drink. (I personally carry filtered water from my house everywhere I go). I recently went to Promenade Mall, was starving, got in line at both Wetzel’s and Auntie Annies, and walked away from both lines…I couldn’t bring myself to spend $2.69 for a few cents worth of dough. I went to Trader Joes’s, bought a bag of Honey Whole Wheat pretzels, ate some, and took the rest of the large bag home.
Perhaps we’re a statistically insignificant microcosm of Temecula stratification, but we do represent the majority on my street.
When we bought this house the McMillan sales agent I had know since our first meeting in 1997 told me she was shocked by all the younger people buying with 100% financing suicide loans. We must have sounded like old biddies; she and I knew that the chickens would come home to roost and it would be 1992 again here in the IE.
P.S. for temeculaguy and everyone else on that post about Chick’s…one of the first things I did upon hitting Temecula was to dye my hair brown, drinks lots of red wine and coffee, have the implants removed, gain 25 pounds, and buy a Subaru :))
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