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John P Fazzio
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John Fazzio’s Answers

622 total


  • Am I still liable for motor vehicle property tax from Danbury, Conn. going back to 1999, 2000 & 2001?

    Have received threatening letters from TaxServ Capital Services on behalf of the City of Danbury. Can they attach my bank account/ Social Security? Will a court give them access after so many years?

    John’s Answer

    You should contact a NJ Tax Attorney and set up a free initial consultation to get additional guidance about this issue. Connecticut is usually fairl amicable to deal with when trying to settle an outstanding tax debt.

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  • I have a state tax lien against my property in Pennsylvania for back taxes on a business I owned. I'm living in New Jersey and f

    I have a state tax lien against my property in Pennsylvania for back taxes on a business I owned. I'm living in New Jersey and filing taxes from here. Will the lien effect my tax refund?

    John’s Answer

    Short answer is you are probably in the clear. However, the PA technically could place a lien on your tax refund, but they rarely do so. There really is not any way to check, but you should contact a Tax Attorney if you want to try to work on settling your back tax liens.

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  • What is the main criteria in order to ask for a reduction of real estate taxes?

    I just bought a small house. It is very small but it seems that my real estate taxes are higher when comparing to other bigger houses next to mine. I received a letter asking me if I want to appeal and that I have a deadline. It is an easy process...

    John’s Answer

    To prosecute a Real Estate Tax Appeal you need to get an appraisal to determine the true Fair Market Value of the property in question. You do not need to necessarily hire a lawyer. Either a lawyer or an appraiser can handle the appeal, but in either case an appraiser familiar with the area should be located. I can refer you to a very good appraiser familiar with Denville who handles these for a reasonable price if you contact me via e-mail.

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  • Selling a home with judgment & tax liens attached

    I have a home in NJ where there is a mortgage balance of $360,000.00 with a business credit line of $62,000.00 attached as a second lien. My business failed and I am now looking to sell the house. The issue I have is I have a $36,000.00 IRS Tax ...

    John’s Answer

    I have some potential solutions to your problem, but they may be a bit involved for this post. First of all, with a 1st mortgage of $360,000 and the liens described, you should be able to sell the house in a short sale with an attorney's help, but it will be a difficult process. The 1st and 2nd liens will take up virtually the whole purchase price and the 2nd mortgage lienholder will take a haircut if you get a fair purchase price, but need to ultimately get the help of a realtor on one side or the other. You also have some more elaborate options. You could work out a deal with the IRS and NYS to accept a small payment from the sale and work out Installment Payments for the balance. The amounts you have are minor and can be easily negotiated. Some of your other options depend on timing and what the true appraised value of the property is. There are a lot of moving pieces and you need an attorney experienced with both foreclosures and short sales, as well as bankruptcy and tax law.

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  • How long would I have before having to be out/locked out of my house due to Foreclosure/Loan Acceleration?

    I received a letter that I must pay by February 13, 2015 or face acceleration. I was told it went into foreclosure status as of January 5th, 2015. I was laid off and unable to pay. Have tried loan modification, repayment plan with Wells Fargo, to...

    John’s Answer

    As Mr. Peake stated, from the time of acceleration, to the time Wells Fargo receives a judgment that it can foreclose, to the point they take back the property, to the point you are locked out, varies greatly. As you have been told, it can go fairly quickly or take well over a year. Much depends on the property in question, the bank's backlog, and the backlog of the firm hired to prosecute the foreclosure.

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  • Can I pursue actions on the bank after independent foreclosure review.

    I was awarded a small after the independent foreclosure review review my foreclosure

    John’s Answer

    Yes. You still have the ability to foreclose, but it will not stall the foreclosure action. That is an issue you will have to address separately by defending the foreclosure action, including raising any affirmative defenses or counterclaims.

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  • Question about a foreclosure. Do I need a real estate attorney? I am trying to figure out how my foreclosure works.

    I was told that I have a foreclosure set for April 7th. The law firm representing the bank tells me that they will mail me something about 3 weeks from now. Also, I asked them for a reinstatement quote and a payoff quote because I'm trying to deci...

    John’s Answer

    It sounds like it is worth keeping the home, but that is ultimately a personal decision. With the reinstatement paid, I think you will owe $111,447 and it sounds like the home is worth at least $120,000. You need to live somewhere. You should not need an attorney just to pay the reinstatement amount, but for a few thousand dollars, you should be able to find a local attorney that will take the case and help you to correspond with the bank and get this done. If it makes the difference between saving the home and losing it, its worth having a good attorney in your corner. But, again, it is an issue of #1) whether you are confident you can get it done yourself; and #2) cost/benefit analysis. Only you can decide.

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  • Home just entered foreclosure... HELP URGENT

    Hello, I have been sparring with my bank for the last seven months. I ran into some financial difficulties with my car and health. Hence, I fell behind on my mortgage payments. The bank tried a sample modification, but it did not fall within my b...

    John’s Answer

    The modification process can be baffling. But, there is little negotiating room. The best way to try to qualify for a different modification plan is to show the bank that the inputs they have used are inaccurate. To do this, you need a program that runs your loan through the various programs the banks use. You need a lawyer or modification firm that has this ability. Defending the foreclosure litigation helps and is a must, but without a well thought out modification counter-proposal will not get you where you want to be and allow you to save the home.

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  • Can I legally cancel a auto insurance claim ? They are tsking to long and I need my car I want to pay out of pocket

    Nj car insurance won't let me cancel or talked me out of canceling

    John’s Answer

    You need to talk to the adjuster and look at your policy and probably call your insurer. If they don't want you to cancel the claim, you need to refer to your contract and tell them where it says you are entitled to do so.

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  • I'm a US PR , sold a land in my native country 6 months ago in less than the buying price , is it considered taxable income?

    i bought the land in 2008 before landing in US ,

    John’s Answer

    You need to consult a local accountant or tax attorney and provide all the facts. As a permanent resident you must report your worldwide income from all sources. If you incurred a loss, you may not have a tax associated with the transaction in question. Either way, you need to consult a tax professional.

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