Mr3Days Video Blog

The Question: Does the mortage forgiveness debt relief & cancellation apply to a short sale?
I have an attorney that is of the opinion that is doesn’t but an account that said it does.
The Question is: Does this apply to a short sale?

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation.

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012.Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.

*Qualified principal residence indebtedness:
This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.
*Bankruptcy: Debts discharged through bankruptcy are not
considered taxable income.
*Insolvency: If you are insolvent when the debt is cancelled,
some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets.
* Non-recourse loans: A non-recourse loan is a loan for which the
lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income.However, it may result in other tax consequences.
Please include source document to support your point of view or how you came to your conclusion.

Categories : Mr3Days Video Blog
Comments (0)

We have the “Millionaire Mailman” on with us at 9PM tonight showing us how to do the “Option-Auction” and flip houses using none of your own money.
Tom Nardone is one of the most interesting stories in real estate. He will show you how he went from delivering mail to having his mail delivered to him on the beach!

Register her for FREE: https://www2.gotomeeting.com/register/420254851

op-au

Categories : Mr3Days Video Blog
Comments (0)

See me in a hula skirt!

Posted by: | Comments (4)

093j491
We have some exciting events going on this week which I wanted to share with you. It’s been a while since I sent any news out so I figured since there is a video of me wearing a hula skirt you’ll want a good laugh at my expense.

Come see me wearing a hula skirt!

http://www.mr3days.com/newsletter/

Hope you enjoy!

Mike

Categories : Mr3Days Video Blog
Comments (4)

Powerful Written Goals In 7 Easy Steps!
by Gene Donohue

The car is packed and you’re ready to go, your first ever cross-country trip. From the White Mountains of New Hampshire to the rolling hills of San Francisco, you’re going to see it all.
You put the car in gear and off you go. First stop, the Baseball Hall of Fame in Cooperstown, New York.

A little while into the trip you need to check the map because you’ve reached an intersection you’re not familiar with. You panic for a moment because you realize you’ve forgotten your map.
But you say the heck with it because you know where you’re going. You take a right, change the radio station and keep on going. Unfortunately, you never reach your destination.
Too many of us treat goal setting the same way. We dream about where we want to go, but we don’t have a map to get there.

What is a map? In essence, the written word.

What is the difference between a dream and a goal? Once again, the written word.
Goal setting however is more than simply scribbling down some ideas on a piece of paper. Our goals need to be complete and focused, much like a road map, and that is the purpose behind the rest of this article.

If you follow the 7 goal setting steps I’ve outlined in this article you will be well on your way to becoming an expert in building the road maps to your goals.

1. Make sure the goal you are working for is something you really want, not just something that sounds good.
When setting goals it is very important to remember that your goals must be consistent with your values.

2. A goal can not contradict any of your other goals.
For example, you can’t buy a $750,000 house if your income goal is only $50,000 per year. This is called non-integrated thinking and will sabotage all of the hard work you put into your goals. Non-integrated thinking can also hamper your everyday thoughts as well. We should continually strive to eliminate contradictory ideas from our thinking.

3. Develop goals in the 6 areas of life:
Family and Home Financial and Career
Spiritual and Ethical Physical and Health
Social and Cultural Mental and Educational

Setting goals in each area of life will ensure a more balanced life as you begin to examine and change the fundamentals of everyday living. Setting goals in each area of life also helps in eliminating the non-integrated thinking we talked about in the 2nd step.

4. Write your goal in the positive instead of the negative.
Work for what you want, not for what you want to leave behind. Part of the reason why we write down and examine our goals is to create a set of instructions for our subconscious mind to carry out. Your subconscious mind is a very efficient tool, it can not determine right from wrong and it does not judge. It’s only function is to carry out its instructions. The more positive instructions you give it, the more positive results you will get.
Thinking positively in everyday life will also help in your growth as a human being. Don’t limit it to goal setting.

5. Write your goal out in complete detail.
Instead of writing “A new home,” write “A 4,000 square foot contemporary with 4 bedrooms and 3 baths and a view of the mountain on 20 acres of land.
Once again we are giving the subconscious mind a detailed set of instructions to work on. The more information you give it, the more clear the final outcome becomes. The more precise the outcome, the more efficient the subconscious mind can become.
Can you close your eyes and visualize the home I described above? Walk around the house. Stand on the porch off the master bedroom and see the fog lifting off the mountain. Look down at the garden full of tomatoes, green beans and cucumbers. And off to the right is the other garden full of a mums, carnations and roses. Can you see it? So can your subconscious mind.

6. By all means, make sure your goal is high enough.
Shoot for the moon, if you miss you’ll still be in the stars. Earlier I talked about my umpiring goals and how making it to the top level of college umpiring did not mix with my values. Some of you might be saying that I’m not setting my goals high enough. Not so. I still have very high goals for my umpiring career at the youth level. My ultimate goal is to be chosen to umpire a Babe Ruth World Series and to do so as a crew chief. If I never make it, everything I do to reach that goal will make me a better umpire and a better person. If I make it, but don’t go as a crew chief, then I am still among the top youth umpires in the nation. Shoot for the moon!

7. This is the most important, write down your goals.
Writing down your goals creates the roadmap to your success. Although just the act of writing them down can set the process in motion, it is also extremely important to review your goals frequently. Remember, the more focused you are on your goals the more likely you are to accomplish them.

Sometimes we realize we have to revise a goal as circumstances and other goals change, much like I did with my umpiring. If you need to change a goal do not consider it a failure, consider it a victory as you had the insight to realize something was different.
So your goals are written down.

Now what?

First of all, unless someone is critical to helping you achieve your goal(s), do not freely share your goals with others. The negative attitude from friends, family and neighbors can drag you down quickly. It’s very important that your self-talk (the thoughts in your head) are positive.
Reviewing your goals daily is a crucial part of your success and must become part of your routine. Each morning when you wake up read your list of goals that are written in the positive. Visualize the completed goal, see the new home, smell the leather seats in your new car, feel the cold hard cash in your hands. Then each night, right before you go to bed, repeat the process. This process will start both your subconscious and conscious mind on working towards the goal. This will also begin to replace any of the negative self-talk you may have and replace it with positive self-talk.

Every time you make a decision during the day, ask yourself this question, “Does it take me closer to, or further from my goal.” If the answer is “closer to,” then you’ve made the right decision. If the answer is “further from,” well, you know what to do.
If you follow this process everyday you will be on your way to achieving unlimited success in every aspect of your life.

The difference between a goal and a dream is the written word.

Categories : Mr3Days Video Blog
Comments (5)

Gone Golfing Lately?

Luxury Short Sales can be found on the golf course.
If you would like to find out how we are making five and six figure checks flipping short sales in our spare time Click Here

Categories : Mr3Days Video Blog
Comments (4)

The Winners Circle Mastermind

Posted by: | Comments (4)

The Winners Circle Mastermind with Joel Bauer!

[googlevideo=http://video.google.com/googleplayer.swf?docid=1486365861169719432&hl=en&fs=true]<

Joel coaching our partner David with “The Private Money Guys” 

Joel Bauer, if you do not know this guy, WOW! 
Here is just some of the background on Joel.

  • Author of best selling books which include: “Hustle, Hustle–The Business Of Magic”, “How to Persuade People Who Don’t Want to be Persuaded”, “Gravitational Marketing”, and soon to be released, “Retire In 5-8 Years As An Infotainer”
  • Creator of four systems on personal marketing, branding, passion, Infotainment, speaking, and closing from the platform
  • Featured media personality on CNN, CNBC, ABC, NBC, CBS, FOX, and in SUCCESS, WIRED, and The Wall Street Journal to name a few
  • Retired at 43
  • This was an awesome experience!  Hope you enjoy!

    Categories : Mr3Days Video Blog
    Comments (4)

    screenhunter_01-apr-14-1443

    Categories : Mr3Days Video Blog
    Comments (1)

    25 minutes 'till take off…

    Posted by: | Comments (5)
    Today at Noon EST my friend, D.C. is
    releasing his new $495 Virtual Short Sale
    investingBlueprint and DVD Course.
    This is your opportunity to take advantage of the
    FLOOD of pre-foreclosures all across the country
    while all the deals are done for you and you make
    all the money.
     
    Sounds cool doesn’t it? See the details for yourself:
    OK guys, let me see the videos!
     

     

    If you are still doing short sales the old way, you are wasting
    your time. D.C.’s Virtual Short Sale investing has completely
    changed the way short sales are done!
    All the work is done for you so you can have more time off to
    do what you want, whenever you want.
    Warning: D.C. only has 1000 copies of his Blueprint and
    DVD Course. (And this email is being sent to no less than
    500,000 people)
     
    Last chance to get it here, don’t say we didn’t warn ya! 
    Categories : Mr3Days Video Blog
    Comments (5)

    screenhunter_01-apr-13-1231

    Categories : Mr3Days Video Blog
    Comments (1)

    screenhunter_01-apr-10-1607

    Categories : Mr3Days Video Blog
    Comments (0)
    platinum coaching

    FOLLOW US

    facebook
    youtube
    digg
    linkedin
    twitter