John P Fazzio III’s Answers

John P Fazzio III

Mahwah Foreclosure Attorney.

Contributor Level 16
  1. Not sure how unique this is. BOA offered a modification trial for 3 months. Not only did we make those payments on time ( never

    Answered over 1 year ago.

    1. John P Fazzio III
    2. Rebecca Schore
    3. Ellen K Lawson
    3 lawyer answers

    As Rebecca Schore points out, this is a situation that is very typical. I am also confused when you say you have spent $25,000 in legal fees. Are you talking about the amount of money you paid on the trial modification? This is unclear. You may have a litigation defense/offense relative to modification fraud that a lawyer could pursue. I have also seen other homeowners mount their own campaigns by writing their Congressman, contacting the Attorney General's Office and other government...

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  2. Deed transfer and foreclosure....

    Answered about 2 months ago.

    1. Thomas Charles Nicotera
    2. John P Fazzio III
    3. Dennis Brian Laughlin
    3 lawyer answers

    You can assign and assume the mortgage and simultaneously work out a modification, but you will need a skilled foreclosure attorney to assist you in the process. The outcome will depend on your financial circumstances. There are a number of strategies that can be used from using a QuitClaim Deed and Assignment/Assumption Agreement to purchasing the property in a short sale. The particular lender/servicer and all of the surrounding circumstances play into what makes the most sense. Contact a...

    2 lawyers agreed with this answer

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  3. Stock sale and capital gains tax

    Answered over 1 year ago.

    1. Steven M Zelinger
    2. Isai Bismark Cortez
    3. John P Corrigan
    4. John P Fazzio III
    4 lawyer answers

    I agree with Zelinger's comment.

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  4. Can I as a Voluntary Administrator modify a mortgage without assuming the debt?

    Answered over 1 year ago.

    1. Ivan E. Young
    2. John P Fazzio III
    2 lawyer answers

    No. I do not think you will be successful at modifying without assuming the debt. The other poster delved into that hypothetical, so I won't go into it further. Bottom-line, it is not likely to happen, so you need to look at other options. However, see the end of this answer where I explain why this may become important. I do not think the lender will modify the loan without your assumption of the debt. Right now the bank has a right to the collateral. However, suing an estate is...

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  5. When a single person under 65 does not have to pay or file federal taxes for the 2012 tax year

    Answered about 2 years ago.

    1. Allan Richard Pearlman
    2. John P Fazzio III
    2 lawyer answers

    You should still file anyway, for a plethora of reasons. It is important to keep a clear and consistent tax record, especially if you are a sole proprietor or contract laborer who does not earn W2 income and may need to file estimated tax payments in the upcoming year.

    2 lawyers agreed with this answer

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  6. If I want limited liability and the ability to take home most of what I make, what is the best legal structure?

    Answered over 2 years ago.

    1. Christopher Edward Ezold
    2. John Paul Fernandes
    3. Douglass S Lodmell
    4. Christopher Michael Larson
    5. John P Fazzio III
    5 lawyer answers

    As the other posters have indicated, there are benefits to utilizing a single-member LLC and to utilizing an S-Corp. The main difference is how you pay yourself. With a single-member LLC there is only one level of tax and you need good bookkeeping to track your pay. However, just as with an S-Corp., you can use a payroll service with an LLC to pay yourself a reasonable salary. Payroll taxes are about 15.4%. With the S-Corp., you only pay the employer portion of the self-employment tax, so...

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  7. I purchased a tax lien certificate on a home I would like to own. I will begin foreclosure. There are many liens. Is this smart

    Answered over 2 years ago.

    1. John P Fazzio III
    2. Jayson Lutzky
    2 lawyer answers

    This is one of those situations where you won't know until you go forward. A lot of times, the first to enforce their lien gets paid off first, but since you have a tax lien, that trumps everything else and will be paid first.

    2 lawyers agreed with this answer

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  8. Lawyer's fees

    Answered over 2 years ago.

    1. Barry A. Stein
    2. John P Fazzio III
    3. Paul Henry Nathan
    4. Robert Bruce Kopelson
    4 lawyer answers

    You probably need to submit a letter to the Court informing them what the legal fees are and have the attorney fee award reduced to a judgment. You should simultaneously serve this on the landlord and send him a separate letter asking if he'll give you a credit for the amount of fees claimed if you will withdraw your claim for attorney's fees. If you agrees have him reduce that Agreement to a signed writing.

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  9. What actions can I take against my tax preparer?

    Answered about 1 year ago.

    1. Charles R Smith
    2. John P Fazzio III
    3. Kevin Matthew Sayed
    3 lawyer answers

    There are various actions you can take against the preparer. However, they are unlikely to help you in the audit. Focus on the audit. Get the auditor the required proofs. Worry about the tax preparer later. You can report them to the IRS or file a lawsuit if they have sufficient insurance. Going after the tax preparer may ultimately be a fools errand. Focus on getting new representation, as needed, and/or rectifying the situation by cooperating with the auditor and proving correct...

    4 lawyers agreed with this answer

  10. Have I waived a challenge to personal jurisdiction in a Foreclosure.

    Answered over 1 year ago.

    1. Denny Marlowe Fox
    2. Gregg Harrison Glickstein
    3. John P Fazzio III
    4. Katherine Elaine Bruce
    4 lawyer answers

    Challenges to personal jurisdiction can be powerful but are not really applicable in most states for real estate actions. If you own property in Florida, you are subject to jurisdiction there. Moreover, if Florida law is anything like New York, simply filing an Answer and Affirmative Defense is submitting to jurisdiction. You should consult with a local attorney to get a more nuanced answer under local law.

    4 lawyers agreed with this answer

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