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John P Fazzio III
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John Fazzio’s Answers

869 total


  • I purchased a tour from a company that filed for Chap. 7 bankruptcy before providing the tour. Is amount I paid tax deductible?

    I paid in full with an ACH in July 2014 for a tour scheduled to depart in July 2015. The tour operator filed for Chapter 7 bankruptcy in June 2015. No monies will be recovered. Am I able to deduct my loss on my Federal Income Tax returns?

    John’s Answer

    This is a personal loss not a business loss. You may be able to deduct it on your itemized deductions as a casualty loss for bad debt. You should consult a local CPA who can help you with this.

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  • How can I settle my back tax debt? Does the statute of limitations apply here?

    I never filed taxes for 2002 and 2003 10-99s that I received, therefore I never paid any taxes. I received notice of this on August 2015, giving me 10 days to pay $21,646. Also included in that Are taxes due from 2013 for a very small amount from...

    John’s Answer

    The 10-year statute of limitations does not start to run until you are assessed by filing your own return. And yes, you are still responsible for paying those taxes and they can garnish your wages. The good news is you can get on a Streamlined Installment Agreement if the total balance is as low as you are talking about. You should call a New York tax attorney to assist you in re-filing your returns, if needed, and by working out a payment plan.

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  • Exbf caused our family home to go into foreclosure. Can I buy the home from the bank in a short sale or is this arm length?

    Bank knows about me though I have no legal ties to ex and am not on deed. My child and I have lived in the home a decade and don't want to be homeless. I have good credit. Friend who is realtor claims she has investors who will buy it and sell it ...

    John’s Answer

    You can always make an offer. The fact you live in the home will be problematic. If the house is on the market with a realtor and you have the highest bid, this will help.

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  • Does a trustee have to use up all of the trust monies on a condo that isn't selling? How would they go into foreclosure?

    Trust included a condo in questionable condition that isn't selling. At what point, if any, could the trustee let it go to foreclosure, and how?

    John’s Answer

    I am not sure I understand the question. Trustees have fiduciary duties to seek the highest and best value for items in the trust solution. Not sure what the facts are or even what the question is.

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  • Selling neighbors items let after a foreclosure

    My neighbor was evicted and asked us to hold some of his belongings in our garage. It's been about 5 weeks and we are unable to get into contact with them. Can we sell the stuff at a garage sale since they have cont contacted us?

    John’s Answer

    You are not in clear legal standing in either case.

    You should -- if you have a forwarding address -- send a letter to the neighbor advising you will sell the items if they are not picked up by a certain date. This at least puts him on notice.

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  • Civil court summary judgment

    When a deficiency judgment was granted 2 years ago, but im still in litigation with my home, depending the outcome of a coming sumary judgment, can i file a motion in order to gather more information or other request to "gain time"?

    John’s Answer

    Generally, at the time of Summary Judgment, discovery is closed, but if there are issues that are germane to the ultimate trial of the cause, you can move before the Court for permission to take additional discovery.

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  • Hi, I have a situation with a house I own. The home was in a mortgage and the mortgage company told me last year .

    I was told last year I didn't have to pay anything and could do what I preferred with my house. And would get the deed in the mail. Recently I received a letter from a bank saying I was to owe them but the other original mortgage company did not i...

    John’s Answer

    Keep working on the sale and you can settle the alleged debt. You should also hire a foreclosure defense attorney and consider filing an affirmative case against the bank right away.

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  • What are the chances of a borrower winning a lender liability suit against their lender?

    I was reading about how if someone can prove that the lender did not act in good faith to at least give a borrower time to pay, that a lawsuit could be filed. It also said that if that lender caused you to go into bankruptcy that will be grounds ...

    John’s Answer

    These suits are notoriously hard to win and with thousands filed, few have been successful, and of those, most have not been publicized.

    You need to probably prove fraud or predatory lending. You have to prove the lender engaged in unconscionable commercial practices or that they induced you to do something that benefited them and not you, gave you false promises to induce that behavior, and you suffered and quantifiable detriment as a result.

    The way banks operate makes it hard to pin down these specifics with particularity. Vague or general grievances won't give you much of a cause of action.

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  • Is a BofA loan that was sold to RCS in 2013 eligible to benefit under the 2014 DOJ settlement?

    I was in my fourth year of re-submitting loan mod applications in 2013, when BofA sold my loan to Residential Credit Solutions (RCS). On July 6 my lawyer told me it was time to give up and that foreclosure is set for 8/31/15. That was less than tw...

    John’s Answer

    RCS does not have to offer you any particular program regardless of whether your prior lender was part of the DOJ settlement. The operative question is what modification you are entitled to, but with a sale in a week, you don't have enough time to get an application through.

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  • Real Estate Foreclosure. Do I have to pay my live-in partner some of the money I am receiving from Fanni. Mae to vacate my home.

    My home went through foreclosure and was sold to Fannie Mae at auction earlier this month. Fannie Mae have since offered me money to leave the house by the end of the month. The house (mortgage and title) were entirely in my name as are all bills....

    John’s Answer

    You do not have to share the money with your live-in partner. It is not your responsibility to get her to vacate. However, the Servicer may not pay the money if you do not.

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