Pat Hood
  • Female
  • United States
  • Arizona
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Pat Hood's Discussions

Can the IRS $500,000 allowable net proceeds for a married couple from primary residence be used to offset 1099C income from a short sale?

Started this discussion. Last reply by Pat Hood Sep 12. 4 Replies

Hi, Understand need to ask a CPA but looking at options other than insolvency for a short sale seller and just wondered if anyone here had simply used fact that the $500,000 allowable net on sale…Continue

Does additional Buyer contribution to junior lien need to show on first lien's approval letter?PLUS the HUD?

Started this discussion. Last reply by Pat Hood Aug 17. 2 Replies

Hi,Ocwen first and RTR second. Have Ocwen approval letter with them paying 8% of balance due to RTR.Ocwen contact said if I need more for junior to put as buyer contribution to the junior lien on…Continue

How handling 1099C's now. With no Mortgage Debt forgiveness?

Started this discussion. Last reply by Brett Goldsmith Oct 2, 2017. 1 Reply

Single family/owner occupied.Can IRS982 for insolvency still be used???Need information for family considering short sale.Thank you!Continue

% liens will take to settle versus seller BK?

Started this discussion. Last reply by Brett Goldsmith Oct 2, 2017. 1 Reply

Short sale approval/2 liens. Problem is 2 non-related liens for 90,000 and 11,000(credit card) placed on property. 1st lien(Wells/Freddie Mac)will not allow any funds from short sale to go  to the…Continue

 

Pat Hood's Page

Latest Activity

Pat Hood replied to Pat Hood's discussion Can the IRS $500,000 allowable net proceeds for a married couple from primary residence be used to offset 1099C income from a short sale?
"Minna, Thank you. Will send this on to the CPA. Pat"
Sep 12
Minna Reid replied to Pat Hood's discussion Can the IRS $500,000 allowable net proceeds for a married couple from primary residence be used to offset 1099C income from a short sale?
"That tax exclusion is currently expired. They may or may not renew it again for 2018, but odds are we wont know until 2019. I am not a CPA, but I have seen some CPA's use that same capital gains exclusion methodology to apply it - primary…"
Sep 12
Pat Hood replied to Pat Hood's discussion Can the IRS $500,000 allowable net proceeds for a married couple from primary residence be used to offset 1099C income from a short sale?
"Thank you, Brett! Contract in March of 2018 and closing tomorrow ...two liens. In Arizona so first will be ok due to non-recourse for  purchase money loans here.Tax attorney I spoke with a couple years ago stated in AZ even without Mortgage…"
Aug 30
Brett Goldsmith replied to Pat Hood's discussion Can the IRS $500,000 allowable net proceeds for a married couple from primary residence be used to offset 1099C income from a short sale?
"Not a CPA but never heard of that and have a high confidence you can't do that. When did they enter into contract? If it was 2017 the mortgage debt forgiveness act may still apply. Not sure of the nuances of entering into contract in 2017 means."
Aug 30
Pat Hood posted discussions
Aug 30
Pat Hood liked Wendy Martin's discussion Short Sale Listing Opportunities, most states
Aug 17
Pat Hood replied to Pat Hood's discussion Does additional Buyer contribution to junior lien need to show on first lien's approval letter?PLUS the HUD?
"Brett, Thank you! Pat"
Aug 17
Carole S. Kubis liked Pat Hood's discussion Does additional Buyer contribution to junior lien need to show on first lien's approval letter?PLUS the HUD?
Aug 8
Brett Goldsmith replied to Pat Hood's discussion Does additional Buyer contribution to junior lien need to show on first lien's approval letter?PLUS the HUD?
"Ocwen needs to approve the contributions on the HUD to a JR lien holder as certain investors don't allow contributions. Typically these contributions do not show up on the approval letter but it still needs to be approved. HUD approval should…"
Aug 6
Pat Hood posted a discussion

Does additional Buyer contribution to junior lien need to show on first lien's approval letter?PLUS the HUD?

Hi,Ocwen first and RTR second. Have Ocwen approval letter with them paying 8% of balance due to RTR.Ocwen contact said if I need more for junior to put as buyer contribution to the junior lien on buyer side.  Now title telling me Ocwen approval letter needs to be re-done to state higher amount going to junior lien...Is this correct? Never had it done that way in the past. Just had  additional  shown on HUD which first lien must approve. Has something changed or is it just this title…See More
Aug 4
Brett Goldsmith replied to Pat Hood's discussion % liens will take to settle versus seller BK?
"FHLMC does not allow monies to show on the settlement statement to subordinate liens from contributions. They generally will allow up to 6,000 to subordinate mortgage liens.  This puts all parties in an unfavorable position when there is a…"
Oct 2, 2017
Brett Goldsmith replied to Pat Hood's discussion How handling 1099C's now. With no Mortgage Debt forgiveness?
"Borrowers should consult with their CPA about insolvency. [email protected] 310-564-6389 www.ishortsalenow.com"
Oct 2, 2017
Brett Goldsmith replied to Pat Hood's discussion % extra liens want versus accepting seller bankruptcy?
"Liens typically aren't stripped from title unless if they have no equity position and through a ch 13 discharge ( could take quite some time depending on the plan ). I recommend asking them what they are willing to settle for and then making…"
Oct 2, 2017
Pat Hood posted discussions
Sep 28, 2017

Profile Information

First Name
Pat
Last Name
Hood
Are you a...
Agent
State
Arizona
City
Cave Creek
My Profile
Agent since 2002. Short sales since February, 2009.Joined Short Sale Genius for training.Found a passion in helping homeowners and "getting the deals done!"Have found my "stubborn" and "persistent" personality actually work well with short sales! Learn more with every deal I do! Life before real estate: teacher, MS in counseling, VP of Marketing for real estate company in Chicago, and President and owner of Association Management Company in Scottsdale... Looking forward to a group of professionals where we can exchange ideas and give and get help!

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