27/07/2024
Mortgages are canceled in exchange for COD income to lenders successors. Title to property is exchanged for partnerships interest. The expense from cancellation of debt writes the note down to zero. The amount credited back is treated as rents Upon the note write down to zero its value as accumulated rents are equals to the property value. The property is sold by your nominee MERS for cash for a property free and clear The property was converted in trust shares and the COD income into pass though certificates deemed worthless at disposition.
According to the IRS you can take a loss for abandonment of a partnership interest, however the servicers must show that in the year the loss deduction was claimed, the servicers intended to abandon the partnership interest and that there was an affirmative act of abandonment of the interest by the servicers
Under Rev. Rul. 93-80, the character of a loss on abandonment of a partnership interest depends on whether the member bank as a partner was allocated partnership liabilities at the time of abandonment.
They have to abided by these rules and so do debt collector's if challenged You dont own your home you own shares in a CO-OP . As Geithner then secretary of treasury said in a senate If we reveal how we transact these foreclosures there would be rioting in the streets.
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