[fishordie]

Hi Jeff,

Remember the earliest to lose their primary homes were those who did fall under the misc. exemption rules. However, as it became more acceptable to walk away from mortgages just because an individual felt they were too far underwater to keep paying the mortgage more and more folks were unaware of the taxable consequence, the number of folks who did not qualify for the exemption multiplied and continues to multiply. Heck, if you go back far enough in this thread or where ever this thread is archived you will find this very discussion years ago and how folks thought it was stupid for one poster to attempt to keep paying the mortgage when the house was clearly too far underwater. Talk about being called foolish for doing the right thing. That guy was trashed by some of the biggest posters on this site. Hmmmmmm.

Many folks were maintaining multiple homes and investment homes as well as their primary residences. Many folks walked away from their mortgages after they put a down payment and qualified for a loan on a new home, moved in, then walked away and allowed their homes to be foreclosed on. I assure you these folks have and will continue to be found and dealt with as this entire foreclosure mess unravels. In many of the cases, especially in the last 2 or 3 years, folks whose income and assets allowed them to keep paying the mortgages chose to just walk away. One of the areas I have invested in were purchased as corporate executive housing. These were reasonably priced homes where the corporation assisted the executive to fix them up beautifully, providing non registered second trust deeds or in essence corporate loans which did not show up during any title searches, only to end up firing the employee as the economy tanked. In most cases the employee refinanced the house during the boom years to aid in other payments or make purchases outside the home thus disqualifying them for many if not all of the exclusions. I do not doubt we will start to see some major court cases regarding this situation as those with plenty of bucks finally get 1099's once their expensive lost homes finally sell for pennies on the dollar.

Heck, look at the multimillion dollar properties in Vegas which were foreclosed on long ago but have not yet sold. Once they do receive these taxable notes after the property finally is reduced in price enough to find a buyer you will see the recipients of these 1099's howling at the top of their lungs and grouping together to create massive lawsuits. It's not like we did not just go through this with the questioning and law suits of how the banks foreclosed just wait and you will see a great deal more as we read about the Nick Cages and so many others having multiple estates foreclosed on. I also do not doubt these law suits will originate in some major cities such as California, New York or Chicago. As a note, in most states and nationally the rules of Bankruptcy have become more difficult for filers over the last 5 or so years. Just wait until the government tries to close the exclusion loop holes.

In Vegas much of the discussion lately has been how hot the lower end market is but much of Vegas is NOT lower end. Multi Million dollar or higher end second and third homes or investment properties have seen the out of town owners walk away. These are folks who will not qualify for any of the exemptions. If you look at this exemption thing based on total dollar volume of lost homes I believe you will find the majority of dollars lost with 1099's attached will come from those folks who do not qualify for the exemption. All of us will have examples showing our points of view but ultimately, I hope, there will be an accounting of taxable revenue coming from these events.

As far as conspiracy theories go I believe in Machiavellian theories. They have held perfectly throughout human history. America has become great but try as you might you will have a hard time explaining to our children or our grand children how greed and desire for more power and goods did not create a legacy of debt and suffering for their generations. What you call a conspiracy theory I call being realistic and paying attention to the ongoing repeats of human history. We are America and we are Americans but that does not mean we have to go through life with our head in the sand believing all we are told. Perhaps it's my 60's child up bringing but I do not believe all that "The Man" is saying rather I pay attention to his actions and believe accordingly. I guess I am still a hippy at heart. Thank goodness I can now actually afford to think this way because I invested properly in real estate.

FOD

[eventusstultorummagister]

Two of the largest mortgage servicers in the U.S. (Bank of America and Wells Fargo) have for the most part ignored the mortgage modification program and repeatedly defied it's rules. These two banks were also caught red handed laundering Mexican drug cartel money. Nobody was indicted.

I'm no theorist but that sounds like a conspiracy to me...

[tony soprano]

Originally Posted by fishordie

As far as conspiracy theories go I believe in Machiavellian theories. They have held perfectly throughout human history. America has become great but try as you might you will have a hard time explaining to our children or our grand children how greed and desire for more power and goods did not create a legacy of debt and suffering for their generations. What you call a conspiracy theory I call being realistic and paying attention to the ongoing repeats of human history. We are America and we are Americans but that does not mean we have to go through life with our head in the sand believing all we are told. Perhaps it's my 60's child up bringing but I do not believe all that "The Man" is saying rather I pay attention to his actions and believe accordingly. I guess I am still a hippy at heart. Thank goodness I can now actually afford to think this way because I invested properly in real estate.

FOD

FOD, all the best conspiracy theories have something in common - they possess at least a kernel of plausibility so as to draw people in. However, with all due respect (sincerely), the last two "Machiavellian theories" you've presented in this thread just don't hold up well to scrutiny.

Originally Posted by fishordie

As the article alludes to but does not fully explain is the 1099 income assigned to the party who is foreclosed or short saled is not really a income producing event though the government has successfully attempted to make it so.

Forgiven or discharged debt has always had the potential to be viewed as taxable income by the IRS. This has been part of the tax code for decades. It was the Mortgage Debt Relief Act that was passed in 2007 that excluded income from the cancellation of mortgage debt on a principal residence. If the Govt was looking to maximize tax revenue by pursuing people who had 1099 income due to mortgage debt cancellation, than certainly they wouldn't have passed specific legislation to exclude income derived by cancellation of mortgage debt on a principal residence. And it doesn't matter if, or when, the lender issues a 1099. As long as the debt was forgiven during 2007 through 2012, and you meet the previously mentioned conditions, you can exclude it from your income.

[JonathanLB]

Originally Posted by Tires

Living on the strip might get old after awhile, but you don't have to drive to grocery stores. You can go to convenience stores to grab quick items and order your weekly groceries online from Vons and get them hand delivered to your kitchen.

LOL, thank you! Exactly. I don't get why people are so clueless. I had neighbors like this in Los Angeles, before our Ralph's Fresh Fare went in 4 blocks away. They were like ugg, shopping for groceries is so tough! I said uhh Vons.com, hello? I never shop for groceries. In general, going grocery shopping in a condo is absolutely miserable. If you actually buy everything you need, have fun making like 5 trips to and from the car in your parking garage, which takes FOREVER. I have everything delivered, always, in Los Angeles, in Long Beach, and Vons serves Nevada as well, especially Las Vegas. It's no problem anywhere in Vegas, they deliver. I shop for my fresh items, though, like I go to the grocery store once a week for fresh fruit and vegetables, but that's it. Cereal, frozen meals, drinks, snacks, supplies, etc. I have delivered. It's easy and cheap. Usually Vons is very affordable and the delivery fee of $8 is waved after $150 anyway, so I use that about once every 4-6 weeks and stock up on cereal and other supplies (soap, laundry stuff, whatever, etc.).

And for the record, I'm sorry if some people are boring as hell, I really am, good for you that you can enjoy your boring suburban life that's awesome. I wish I was so easily satisfied. Unfortunately, I like living right in the middle of the action. Downtown Los Angeles was awesome, I enjoyed the heck out of it, there is nothing that compares in L.A. to living right next to where the Emmy's take place, the Grammy's, movie premieres at the best theater in the United States (14 x 4K theaters, only maybe a dozen theaters in the U.S. have 4K projection technology and their Premiere Cinema is second to none, not Mann's Chinese, not the Ziegfeld, it's the newest and best), and incredible restaurants like Rosa Mexicano, Yard House (the 25th biggest restaurant in the world in business, 10th by square footage), Trader Vic's (my favorite restaurant as a kid), The Farm of Beverly Hills, Lucky Strike, etc. Then if you love sports, well the Staples Center is right next to you. Yeah, between your boring life in Henderson, which is just another lame suburb with absolutely NOTHING to offer, and my life in Downtown Los Angeles, I'll take Downtown!

I have no interest in just being another drone in the 'burbs, but have fun with that. I'll take the Strip, which is the ONLY reason that anyone goes to Las Vegas. No offense to the locals but we don't care that Las Vegas is "just a city" like any other or that there are "other places besides the Strip." Nothing else is of note whatsoever and doesn't even bear mention. It's the middle of a freakin' dessert with strip malls and boring box houses that all look alike and boring highways. Nobody cares, sorry. We only care about the Strip because that is unlike anything else in the entire world. It is unique and special and hosts the highest number of world class chefs of any city in the world, it has something like 19 of the top 20 biggest hotels in the world, it has the Luxor pyramid (visible from space with its light), the fake eiffel towel, the Stratosphere (one of the tallest buildings West of the Mississippi), CityCenter, Miracle Mile Mall, and the best shopping in the United States. THAT is why Las Vegas matters. It doesn't matter because of some crappy cheap shoddy suburban houses or ho-hum strip malls or its lousy unemployment rate or anything else.

So yeah, I'll choose to live in the area that the rest of the world knows and that offers immediate entertainment. What luxuries do you have at your house? Nothing. Absolutely NOTHING. What luxuries does Turnberry Towers, for instance, have? Try 24 hour concierge, 24 hour security, 24 hour valet parking, and every amenity you could possibly want. A true life of luxury. So hey, you're happy with your boring mediocre life, that's great, good for you, I want more

[von949]

Originally Posted by JonathanLB

LOL, thank you! Exactly. I don't get why people are so clueless. I had neighbors like this in Los Angeles, before our Ralph's Fresh Fare went in 4 blocks away. They were like ugg, shopping for groceries is so tough! I said uhh Vons.com, hello? I never shop for groceries. In general, going grocery shopping in a condo is absolutely miserable. If you actually buy everything you need, have fun making like 5 trips to and from the car in your parking garage, which takes FOREVER. I have everything delivered, always, in Los Angeles, in Long Beach, and Vons serves Nevada as well, especially Las Vegas. It's no problem anywhere in Vegas, they deliver. I shop for my fresh items, though, like I go to the grocery store once a week for fresh fruit and vegetables, but that's it. Cereal, frozen meals, drinks, snacks, supplies, etc. I have delivered. It's easy and cheap. Usually Vons is very affordable and the delivery fee of $8 is waved after $150 anyway, so I use that about once every 4-6 weeks and stock up on cereal and other supplies (soap, laundry stuff, whatever, etc.).

And for the record, I'm sorry if some people are boring as hell, I really am, good for you that you can enjoy your boring suburban life that's awesome. I wish I was so easily satisfied. Unfortunately, I like living right in the middle of the action. Downtown Los Angeles was awesome, I enjoyed the heck out of it, there is nothing that compares in L.A. to living right next to where the Emmy's take place, the Grammy's, movie premieres at the best theater in the United States (14 x 4K theaters, only maybe a dozen theaters in the U.S. have 4K projection technology and their Premiere Cinema is second to none, not Mann's Chinese, not the Ziegfeld, it's the newest and best), and incredible restaurants like Rosa Mexicano, Yard House (the 25th biggest restaurant in the world in business, 10th by square footage), Trader Vic's (my favorite restaurant as a kid), The Farm of Beverly Hills, Lucky Strike, etc. Then if you love sports, well the Staples Center is right next to you. Yeah, between your boring life in Henderson, which is just another lame suburb with absolutely NOTHING to offer, and my life in Downtown Los Angeles, I'll take Downtown!

I have no interest in just being another drone in the 'burbs, but have fun with that. I'll take the Strip, which is the ONLY reason that anyone goes to Las Vegas. No offense to the locals but we don't care that Las Vegas is "just a city" like any other or that there are "other places besides the Strip." Nothing else is of note whatsoever and doesn't even bear mention. It's the middle of a freakin' dessert with strip malls and boring box houses that all look alike and boring highways. Nobody cares, sorry. We only care about the Strip because that is unlike anything else in the entire world. It is unique and special and hosts the highest number of world class chefs of any city in the world, it has something like 19 of the top 20 biggest hotels in the world, it has the Luxor pyramid (visible from space with its light), the fake eiffel towel, the Stratosphere (one of the tallest buildings West of the Mississippi), CityCenter, Miracle Mile Mall, and the best shopping in the United States. THAT is why Las Vegas matters. It doesn't matter because of some crappy cheap shoddy suburban houses or ho-hum strip malls or its lousy unemployment rate or anything else.

So yeah, I'll choose to live in the area that the rest of the world knows and that offers immediate entertainment. What luxuries do you have at your house? Nothing. Absolutely NOTHING. What luxuries does Turnberry Towers, for instance, have? Try 24 hour concierge, 24 hour security, 24 hour valet parking, and every amenity you could possibly want. A true life of luxury. So hey, you're happy with your boring mediocre life, that's great, good for you, I want more

I know exactly how you feel. I used to live in Downtown Okinawa Japan and Downtown Pordenone Italy(about 30 minutes from Venice) And I loved the action. Never boring, always something to do. This was in my single, no kids having days.

Now that I have a family, Im having fun being boring in the burbs. I have 10 years of traveling and living in other countries(Germany,Korea, Italy,etc)...Its finally time for me to settle down and and enjoy being away from all the nightlife and excitement.

Me and my wife still have dates on the strip at all the finest bars and restaurant. We also occasionally hit the hottest clubs on the strip with all the celebrities. We have family that work on the strip(Cosmo, Wynn and City Center) so we get great hook ups. Im also having lots of fun taking my daughter to each Casino every other weekend untill each one is visited. We started with Ceasars Palace and last weekend went to Stratosphere.

Just gotta balance the strip and the burbs.

[bayview6]

Originally Posted by JonathanLB

LOL, thank you! Exactly. I don't get why people are so clueless. I had neighbors like this in Los Angeles, before our Ralph's Fresh Fare went in 4 blocks away. They were like ugg, shopping for groceries is so tough! I said uhh Vons.com, hello? I never shop for groceries. In general, going grocery shopping in a condo is absolutely miserable. If you actually buy everything you need, have fun making like 5 trips to and from the car in your parking garage, which takes FOREVER. I have everything delivered, always, in Los Angeles, in Long Beach, and Vons serves Nevada as well, especially Las Vegas. It's no problem anywhere in Vegas, they deliver. I shop for my fresh items, though, like I go to the grocery store once a week for fresh fruit and vegetables, but that's it. Cereal, frozen meals, drinks, snacks, supplies, etc. I have delivered. It's easy and cheap. Usually Vons is very affordable and the delivery fee of $8 is waved after $150 anyway, so I use that about once every 4-6 weeks and stock up on cereal and other supplies (soap, laundry stuff, whatever, etc.).

And for the record, I'm sorry if some people are boring as hell, I really am, good for you that you can enjoy your boring suburban life that's awesome. I wish I was so easily satisfied. Unfortunately, I like living right in the middle of the action. Downtown Los Angeles was awesome, I enjoyed the heck out of it, there is nothing that compares in L.A. to living right next to where the Emmy's take place, the Grammy's, movie premieres at the best theater in the United States (14 x 4K theaters, only maybe a dozen theaters in the U.S. have 4K projection technology and their Premiere Cinema is second to none, not Mann's Chinese, not the Ziegfeld, it's the newest and best), and incredible restaurants like Rosa Mexicano, Yard House (the 25th biggest restaurant in the world in business, 10th by square footage), Trader Vic's (my favorite restaurant as a kid), The Farm of Beverly Hills, Lucky Strike, etc. Then if you love sports, well the Staples Center is right next to you. Yeah, between your boring life in Henderson, which is just another lame suburb with absolutely NOTHING to offer, and my life in Downtown Los Angeles, I'll take Downtown!

I have no interest in just being another drone in the 'burbs, but have fun with that. I'll take the Strip, which is the ONLY reason that anyone goes to Las Vegas. No offense to the locals but we don't care that Las Vegas is "just a city" like any other or that there are "other places besides the Strip." Nothing else is of note whatsoever and doesn't even bear mention. It's the middle of a freakin' dessert with strip malls and boring box houses that all look alike and boring highways. Nobody cares, sorry. We only care about the Strip because that is unlike anything else in the entire world. It is unique and special and hosts the highest number of world class chefs of any city in the world, it has something like 19 of the top 20 biggest hotels in the world, it has the Luxor pyramid (visible from space with its light), the fake eiffel towel, the Stratosphere (one of the tallest buildings West of the Mississippi), CityCenter, Miracle Mile Mall, and the best shopping in the United States. THAT is why Las Vegas matters. It doesn't matter because of some crappy cheap shoddy suburban houses or ho-hum strip malls or its lousy unemployment rate or anything else.

So yeah, I'll choose to live in the area that the rest of the world knows and that offers immediate entertainment. What luxuries do you have at your house? Nothing. Absolutely NOTHING. What luxuries does Turnberry Towers, for instance, have? Try 24 hour concierge, 24 hour security, 24 hour valet parking, and every amenity you could possibly want. A true life of luxury. So hey, you're happy with your boring mediocre life, that's great, good for you, I want more

What kind of backyard do you have?

[dano]

Originally Posted by JonathanLB

LOL, thank you! Exactly. I don't get why people are so clueless. I had neighbors like this in Los Angeles, before our Ralph's Fresh Fare went in 4 blocks away. They were like ugg, shopping for groceries is so tough! I said uhh Vons.com, hello? I never shop for groceries. In general, going grocery shopping in a condo is absolutely miserable. If you actually buy everything you need, have fun making like 5 trips to and from the car in your parking garage, which takes FOREVER. I have everything delivered, always, in Los Angeles, in Long Beach, and Vons serves Nevada as well, especially Las Vegas. It's no problem anywhere in Vegas, they deliver. I shop for my fresh items, though, like I go to the grocery store once a week for fresh fruit and vegetables, but that's it. Cereal, frozen meals, drinks, snacks, supplies, etc. I have delivered. It's easy and cheap. Usually Vons is very affordable and the delivery fee of $8 is waved after $150 anyway, so I use that about once every 4-6 weeks and stock up on cereal and other supplies (soap, laundry stuff, whatever, etc.).

And for the record, I'm sorry if some people are boring as hell, I really am, good for you that you can enjoy your boring suburban life that's awesome. I wish I was so easily satisfied. Unfortunately, I like living right in the middle of the action. Downtown Los Angeles was awesome, I enjoyed the heck out of it, there is nothing that compares in L.A. to living right next to where the Emmy's take place, the Grammy's, movie premieres at the best theater in the United States (14 x 4K theaters, only maybe a dozen theaters in the U.S. have 4K projection technology and their Premiere Cinema is second to none, not Mann's Chinese, not the Ziegfeld, it's the newest and best), and incredible restaurants like Rosa Mexicano, Yard House (the 25th biggest restaurant in the world in business, 10th by square footage), Trader Vic's (my favorite restaurant as a kid), The Farm of Beverly Hills, Lucky Strike, etc. Then if you love sports, well the Staples Center is right next to you. Yeah, between your boring life in Henderson, which is just another lame suburb with absolutely NOTHING to offer, and my life in Downtown Los Angeles, I'll take Downtown!

I have no interest in just being another drone in the 'burbs, but have fun with that. I'll take the Strip, which is the ONLY reason that anyone goes to Las Vegas. No offense to the locals but we don't care that Las Vegas is "just a city" like any other or that there are "other places besides the Strip." Nothing else is of note whatsoever and doesn't even bear mention. It's the middle of a freakin' dessert with strip malls and boring box houses that all look alike and boring highways. Nobody cares, sorry. We only care about the Strip because that is unlike anything else in the entire world. It is unique and special and hosts the highest number of world class chefs of any city in the world, it has something like 19 of the top 20 biggest hotels in the world, it has the Luxor pyramid (visible from space with its light), the fake eiffel towel, the Stratosphere (one of the tallest buildings West of the Mississippi), CityCenter, Miracle Mile Mall, and the best shopping in the United States. THAT is why Las Vegas matters. It doesn't matter because of some crappy cheap shoddy suburban houses or ho-hum strip malls or its lousy unemployment rate or anything else.

So yeah, I'll choose to live in the area that the rest of the world knows and that offers immediate entertainment. What luxuries do you have at your house? Nothing. Absolutely NOTHING. What luxuries does Turnberry Towers, for instance, have? Try 24 hour concierge, 24 hour security, 24 hour valet parking, and every amenity you could possibly want. A true life of luxury. So hey, you're happy with your boring mediocre life, that's great, good for you, I want more

Lighten up Frances

Dude, since the majority of the local posters on this thread don't live on or near the Strip, you aren't making friends with these kind of posts.

I say to each his own and live and let live. I personally don't care about anything on the Strip and the only time I get down there is when family is in town which is way too often. I also understand that a lot of people aren't like me and that's fine too.

Ok, so your're all hip & bitchen like most Californians I've met but who cares. I will continue to live my life as I see fit with or without your insults.

[eventusstultorummagister]

Originally Posted by JonathanLB

LOL, thank you! ...Turnberry

LOL, Turnberry Towers is a Hotel.

[olecapt]

Originally Posted by eventusstultorummagister

LOL, Turnberry Towers is a Hotel.

Condo...not a hotel.

MGM Turnberry is a condo/hotel.

[hotpa2d2]

Originally Posted by dano

Ok, so your're all hip & bitchen like most Californians I've met but who cares. I will continue to live my life as I see fit with or without your insults.

Word.