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About Jim Root
Expertise
Real Estate Financing of all types/styles--Government & Quasi-Governmental loan such as FHA & VA; Conventional "Fannie Mae" & "Freddie Mac"-backed Mortgages & all sorts of "Creative Financing" techniques! Credit Underwriting & Property Value & Condition Requirements of standard Home Loan Programs. Purchase Money Mortgages or Refinancing! Gale, shown with me here, has been a licensed Real Estate Agent & Office Administrator & my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional," including Real Estate Marketing & Sales, Mortgage Banking & Residential Appraisal businesses.Past certifications as a Mortgage Co. Manager, Underwriter, Staff Review Appraiser, Compliance Inspector & Loan Officer with a nationally known Mortgage Company. 12 of the 30 plus years of experience was with the Dept. of Housing & Urban Development (HUD) as a Homeownership Program Officer, trained & proficient in all aspects of the Real Estate Sales,Appraisal, Inspection & Financing areas.
Organizations
Former Member of Nat'l Ass'n of Realtors (NAR)& Mortgage Bankers Ass'n of America.(MBAA) Currently with National Ass'n of Review Appraisers & Mortgage Underwriters.(NARA/MU)
Publications
Published in local, regional & national Real Estate industry magazines & newsletter on various Real Estate-related topics.Co-authored numerous Goevernment Manuals, Handbooks & Panphlets on Home Mortgage Programs while with HUD/FHA.
Education/Credentials
Associate Degree with emphasis in Real Estate Studies plus:
Over 20 "Special Courses" relating to Real Estate, including Financing, while in Private Sector & with HUD's FHA Homeownership Division.
Bachelors Degree in Mass Communications &
Masters Degree in Education/Teaching.
Awards and Honors
Professional Designations include: Certified Resiential Originator (CRO) with MBAA,Registered Mortgage Underwriter (RMU)& Certified Review Appraiser(CRA) with NARA/MU. Past awards include Outstanding Performance Awards for 10 of the 12 years with HUD/FHA & numerous
Real Estate Sales,Appraisal Reporting & Mortgage Loan Origination
awards while in "private practice"
Past/Present Clients
Currently Director of a Company that provides Professional Development Seminars & Workshops to Real Estate Agents, Appraisers & Mortgage Lenders & both free(as needed) & fee-paid (sliding scale)consulting & inspection services to the general public.This "Expert" is a "Disinterested Third Party" who will not try to sell you Real Estate, nor Appraise or Inspect your Home, nor attempt to put you into a Mortgage Loan--all questions will be answered with your best interests in mind!
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You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > investment property
Expert: Jim Root - 11/10/2009
Question
I bought an investment property in New Jersey and after 3 years the value of the property has lossed more than %50 of its value. The property is in my name (no llc), I have not made a payment for almost a year now. I have had it on the market for a short sale, the loan is approx 200,000 and was offered 100,000. the bank is willing to accept this offer but my question is, will the bank send a 1099c to the IRS and I will then be responsible for income taxes on the difference? if so, I wont be able to afford the taxes so, then would it better to just forclose the property and then later file for bankrupcy to avoid any income taxes or additional monies. ty very much
Answer
CHARLES--
As I'm neither a State-licensed Lawyer nor Certified Public Accountant,I can't answer your questions directly. But I can suggest that you consult with a CPA or an Attorney who specializes in Real Estate,Taxes and/or Financial Matters.
The Bank MIGHT send the IRS a 1099c and the IRS certainly MIGHT expect you to pay income taxes on the difference between your Short Sale Price & the Balance owed.So you MIGHT be better off letting the property go into Foreclosure, followed up by a Chapter 7 BK.
Notice I said MIGHT. Again, I urge you to consult with an Attorney and/or CPA to get a legal opinion, advice & guidance on this matter BEFORE you take any further! It WILL save you money in the long run, I'm SURE!
--JIM
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