AXJ.Wix

AXJ.Wix Americans Against Fictitious Foreclosures

30/10/2024

FORECLOSURE FRAUD IN THE MAKING ?
Look for the following words
- Installments
- Debt Collector
- Interest Bearing Principal
- Maturity Date
- Escrow

Auditors Accountants
725-270-3177

THIS IS NAUSEATING . BUT HOW MANY FORECLOSURE CASES FORGOT TO INCLUDE THE FOLLOWING !A recourse debt enables the lender ...
26/10/2024

THIS IS NAUSEATING . BUT HOW MANY FORECLOSURE CASES FORGOT TO INCLUDE THE FOLLOWING !

A recourse debt enables the lender to pursue the individual borrower for the balance due on a debt in addition to foreclosing on the property. Conversely, a nonrecourse debt is secured solely by the real property, thus shielding the individual borrower from personal liability.

When property is foreclosed, the tax results differ depending on whether the debt is recourse or nonrecourse. Understanding the differences is a key factor in proper planning for the foreclosure.

Recourse debt

A foreclosure, or a deed in lieu of foreclosure, transaction may result in COD income to the borrower when recourse debt is involved.

The taking of property by the lender in satisfaction of a recourse debt is treated as a deemed sale with proceeds equal to the lesser of the property's fair market value (FMV) at the time of foreclosure or the amount of secured debt.

If the amount of debt exceeds FMV, the difference is treated as COD income if it is forgiven (Regs. Sec. 1.1001-2(c), Example 8, and Rev. Rul. 90-16). (Note that Sec. 108 provides special mandatory relief provisions for COD income of certain bankrupt or insolvent taxpayers.)

As a result of these rules, it is possible for a foreclosure transaction involving recourse debt to result in both (1) a gain or loss from the sale of the property because the property's FMV is more or less than basis and (2) COD income because the secured debt exceeds the property's FMV.

The amount credited or received in a foreclosure sale determines the sales proceeds for computing gain or loss (Aizawa,29 F.3d 630 (9th Cir. 1994); Webb,T.C. Memo. 1995-486). The character of the gain or loss depends on the character of the property subject to the foreclosure.

Observation: To the extent the underlying debt discharged is allocated to a passive activity, the COD income is treated as arising from a passive activity. Conversely, to the extent the underlying debt is attributable to a nonpassive activity, the COD income is nonpassive (Rev. Rul. 92-92).

Note: The bid price in a foreclosure sale is presumed to be the property's FMV unless there is clear and convincing proof to the contrary (Regs. Sec. 1.166-6(b)(2); Community Bank, 819 F.2d 940 (9th Cir. 1987)).

The Tax Court has acknowledged that the amount bid by a lender may be arbitrary, so if the taxpayer presents clear and convincing proof (e.g., an appraisal) of a more accurate FMV, the FMV amount rather than the bid price is used in determining the sales proceeds from the transaction and any related COD income (Frazier, 111 T.C. 243 (1998)).

COD income will occur in a foreclosure transaction only if the lender discharges part or all of any deficiency (excess of indebtedness over the property's FMV) upon taking the property. If the lender continues to pursue the borrower for the deficiency, COD income will not occur until that deficiency is discharged for less than full value. If the lender fails to pursue the borrower or to discharge all the indebtedness, the COD income will occur when the state law for enforcing the debt expires.

AUDITORS ACCOUNTANTS
EMAIL YOUR STATEMENT
[email protected]

You will never know where the money came from !When asked about taxpayers paying for the war in middle east The Real Ans...
25/10/2024

You will never know where the money came from !
When asked about taxpayers paying for the war in middle east

The Real Answer :
A. BOZOs war chest
B. Lottery tickets
C. Chewy from La Puente
D. Foreclosures

$1000 Cash Offer Prove me wrong on the next Y2 K 12-31-29
25/10/2024

$1000 Cash Offer
Prove me wrong on the next Y2 K
12-31-29

SAFE HARBOR EMERGES THE TOP FORECLOSURE DEFENSE A safe harbor is a legal provision to sidestep or eliminate legal or reg...
25/10/2024

SAFE HARBOR EMERGES THE TOP FORECLOSURE DEFENSE

A safe harbor is a legal provision to sidestep or eliminate legal or regulatory liability in certain situations, provided that certain conditions are met.

The phrase safe harbor also has uses in the finance, real estate, and legal industries. The term safe harbor may also be used to refer to a "shark repellent" tactic used by companies who want to avert a hostile takeover; the company may purposefully acquire a heavily-regulated company to make themselves look less attractive to the entity that is considering taking them over.

Foreclosures can argue safe harbors for the actual accounting methods that avoid legal or tax regulations, or one that allows for a simpler method of determining a tax consequence than the methods described by the precise language of the tax code.

Attorneys are keenly aware of the safe harbor as a legal provision to reduce or eliminate legal or regulatory liability in certain situations. But only as long as certain conditions are met.
The term Safe harbor can also refer to an accounting method that avoids legal or tax regulations.

As accountants we argue safe harbor is a strategy for households in foreclosure Safe harbor provisions, as they relate to regulatory liability, appear in a number of laws or contracts. For example, under the regulatory guidelines of the Securities and Exchange Commission (SEC), safe harbor provisions protect management from liability for making financial projections and forecasts in good faith.

Forget the fraud Get up to speed wih ththe Safe Harbor Provisions

Accountant Auditor
Tel 725-270-3177

In Foreclosure or not understand this. A 30 year mortgage is not the same as an installment sale . - One has principal...
25/10/2024

In Foreclosure or not understand this.
A 30 year mortgage is not the same as an installment sale .
- One has principal , interest , taxes and insurance
- The other a single payment

A mortgage means you are a homeowner . An installment sale is between you as tenant and the bank as the title holder

Now read your fifth amendment violations protection

Accountants Auditors
Text for Auditor Info 725-270-3177

If you have a CUSIP somehow attached to your mortage file its valuable to your case for one and only one reason ***DIREC...
25/10/2024

If you have a CUSIP somehow attached to your mortage file its valuable to your case for one and only one reason

***DIRECT INVESTMENT ****

I will testify as FACT to the controversy that in direct investment the CUSIP replaces the Deed or Mortgage . Let me show you how using the General Ledger !

Accountants Auditors
Text: 725-270-3177
Email: [email protected]

SOV T**D BULLETINPlease if anyone here has invested time and money into the Sov- T**d training such as Driving v Trav...
21/10/2024

SOV T**D BULLETIN

Please if anyone here has invested time and money into the Sov- T**d training such as Driving v Traveling , doing commerce [whatever that means] tendering, UCC filings or declaring some bull s**t with honor....then please share the info with us!

Only you can let others know about the Sov T**d con and help to get rid of these ignorant pieces of amphibian waste

12/10/2024

Petitioner asserts and alleges as fact the mortgage servicers SPS and Mr Cooper may have violated a federal debt collection law [FDCPA] and disregarded key accounting requirments by sending notice of default letters that contained potentially false and misleading statements intended to intimidate borrowers into making immediate payments – including by threatening loan acceleration and foreclosure.

Counter claims to foreclosure are supported with the expert's findings and recent investigation for a class action lawsuit that may be filed on behalf of borrowers.

Accordingly, where a mortgagor received a notice of default from Mortgage Servicing stating that your loan could be accelerated if you didn’t pay the past due amount by a certain date then this appears grounds to stop the sale or enter into a class action lawsuit.

At issue are defendants withholding of information and material disclosures for the cancellation of debt by involuntary conversion of the borrower's mortgage obligation into deposits and cash from deposits credited back as semi-annual lease payments . This is where PHH expensed the amount of the mortgage semi-annually while it credited back rent reported as ordinary income received from consumers in the year of the sale or disposition using IRS tax form 1099 A .

The foreclosure notices and election to sell the property are by an impossible enforcement of the note and recorded instrument given as security. With COD income and reporting on form 1099 the note and mortgage security had to be extinguished and debt forgiven barring any further collections. [continued]

Accuntant Auditor
[email protected]
Send us a monthly statement to review - No Charge

NOT AN ATTORNEY AND NOT FOR USE TO DETERMINE LEGAL RIGHTS IN PROPERTY.

When you are in foreclosure and get a monthly statement with the following - Interest Bearing Principal Account - Six mo...
04/10/2024

When you are in foreclosure and get a monthly statement with the following
- Interest Bearing Principal Account
- Six months Servicer history
- Rate of less than 3.5 percent

The mortgage is extinguished lost to lender in exchnage for the title transferred into trust to a trustee free and clear and property used to collateralize a bond using dividends from the cancellation of debt

You are the tax loophole that continues to remain off the radar

Accountant Auditor
[email protected]

Analysis is no charge to a FB viewer in foreclosure who sent in a monthly statement

13/09/2024

"1st T**digrade fossils ever discovered"
You see "T**dation" dates back to the beggining of man

30/08/2024

WE HAD JOY WE HAD FUN WE HAD SOV T**DS IN THE SUN ...
but the joy and the fun like the Sov T**ds are all gone

OK Take it from the Top ! A starting point for the movement’s alternate understanding of history is the 14th amendment, which guaranteed citizenship to slaves freed after the Civil War. It was ratified in 1868 and granted citizenship to all persons born or naturalized in the U.S. Sovereign Citizens typically interpret the amendment as legislation that created a form of second-class ‘federal’ citizenship, distinct from ‘original’ state citizens.

They commonly believe the government lures people into this federal type of citizenship through bureaucratic means such as Social Security numbers, drivers’ licenses, ZIP-codes and other types of documentation. As such, they allege that the U.S. government tricks citizens into a contractual relationship to deliberately deny them their rights as sovereigns.

Strawmen
Some Sovereign Citizens are convinced that the U.S. government uses its citizens as collateral, setting up corporate trusts in citizens’ names which it funds with vast sums of money. The purpose of this, they allege, is so that the government can bring all citizens under its control.

This theory claims that the U.S. government sets up a corporate entity in a person’s name when they are born, creating two separate identities. The corporate identities – so-called ‘strawmen’ – allegedly coexist alongside people’s ‘flesh and blood’ personas. Sovereigns assume it is only this corporate identity which is subject to government legislation. It is typically believed that this strawman can be identified through the government’s use of capital letters on legal documentation: when names are written in uppercase letters (JOHN DOE) on birth certificates, tax documents or car registration, this supposedly indicates an individual’s strawman – or corporate identity – is addressed.

Sovereigns believe that people can revoke or opt out of their contractual relationship with the government by employing certain tactics. They may, for example, sign documents using variations of their names, use punctuation, different spelling, or use red ink. Other strategies include avoiding the use of ZIP-codes or addresses, carrying custom-made driver’ licenses and car license plates. To their belief these tactics acquit them from the obligation to abide with U.S. federal and state laws, and the tax system.

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