Arizona is a non-recourse state, so no tax on 1099 C Income


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That’s why we are encouraged and I am happy to say on the air today we are broadcasting live in downtown Phoenix but this is also being broadcast across the globe on the Internet and in addition to that we are currently shooting a video as we speak which is going to be viral so people are going to be watching this so Arizona’s laws they are different elsewhere in the country I should say every state is different when it comes to these types of recourse debts.

In Arizona typically it is not a recourse state so if they are telling you that they are going to garnish your wages because you did not pay back your entire mortgage, there is a local bank.

Was threatening a very good colleague of ours about the a small second mortgage that is person had taken out a threatening to send it to collections and garnish her wages a pages simply isn’t going to happen.

But nevertheless, there is still the tax implications that apply, if you need to navigate through this maze.

There is a lot to it you need to protect yourself.

You talked about; Mike bankruptcy is one of those exclusions, right? One of the problems with bankruptcy is people do not understand the bankruptcy laws.

They are so tight now and your feet are really held to the fire from the federal government right now.

It’s not like you just didn’t make your mortgage payment, so you go to file bankruptcy it’s just not realistic.

Assuming bankruptcy is the last resort option for everybody.

And we certainly want to avoid that it would not be sound financial advice from any credible source that I can think of.

Let’s walk through a case scenario, somebody who is listening to this broadcast their head is spinning right now they’re thinking, oh my gosh.

I should have known about the tax implications, a short sale versus loan modification versus what a way to show just on my lender? Let’s start at the top and work through a quick scenario.

And then we’ll point out the specifics of what they should be considering right now.

For example, we talk about this all the time and to your credit Michael Barnes into velocity financial’s credit you were early in bringing out the loan modification for people who were in a distress situation regarding a mortgage maintaining or keeping up with the mortgage payment.

So you started going down the path where the refinance started to become a much more difficult option with new constraints and all the other factors that led to part of this economic crisis, a loan modification has become a buzz topic today, driving to the station today they driving down Camelback Road I see a sign on the corner of.

You know, one of those stick in the ground homemade jobs, that says don’t refi, a Loan modify with some success rate and the phone number.

Hang on there I want you to say the success rate The sign literally said, 99% success rate in and it goes back to the point that you made when they say that they can reduce your mortgage principal by tens of thousands hundreds of thousands of dollars, that is the absolute last resort for any lending institution.

That is not what this is about to let’s start with that then we are will work in the tax ramifications of how that might work in the overall financial strategy.

Person with the loan modification industry and I am talking about in Arizona.

There is no regulation, unfortunately.

We at velocity financial work with a national network of attorneys again so if you’re the guy in El Centro California, or you are in Phoenix, or you are in Alaska it doesn’t matter where you’re at.

We have someone who is an expert in that field in that state because the laws are different.

But without the regulations some person with the ugly yellow sign on the side of the road says he has a 99% success rate, I don’t believe him it’s probably not using an attorney, who know do not buy into that garbage.

We are going to tell you the truth, if we can’t do a loan modification; we will tell you that we can’t do it.

And if a loan modification is not the best thing for you, you can find the some of these other options.

The phone number, you can call is 480 velocity and we will be back with you in just a few moments.
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