John P Fazzio III’s Answers

John P Fazzio III

Mahwah Foreclosure Attorney.

Contributor Level 16
  1. How long does it take the courts in NJ to re-file after a foreclosure case was dismissed without prejudice?

    Answered 2 months ago.

    1. John P Fazzio III
    2. William J Popovich
    2 lawyer answers

    The bank can re-initiate the foreclosure proceedings whenever they choose. There is actually no rhyme or reason I can ascertain as to how long it takes them to do this.

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  2. NY Sales Tax

    Answered 9 months ago.

    1. John P Fazzio III
    2. Peter Christopher Lomtevas
    3. Muhammad Salman Ravala
    3 lawyer answers

    Your online lessons could qualify as either a "service" or a "good" subject to sales tax. It depends what you are selling. If you are selling a Software package and support, this looks a lot like Rosetta Stone, which is taxable. If you are selling only online instruction, live, similar to tutoring, this looks more like a service. You will have to spend some time/money to get a solid answer you can rely on in running your business; but that answer requires an evaluation of all the facts....

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  3. If anyone has read my previous posting about possible Bank of America fraud, here is the time line of the situation.

    Answered 9 months ago.

    1. John P Fazzio III
    2. Layni S Rothbort
    3. Alan N Walter
    3 lawyer answers

    Bank of America has a bad history of misleading homeowners. SPS or Specialized Loan Servicing is a tough servicer to get modifications approved with because they are a "default servicer." You ultimately have possible claims against BofA and SPS for not dealing with you squarely in the modification process. When a Foreclosure Complaint is filed, you'll have a chance to raise these issues, but you need to meticulously document everything that transpires and everything you are told which turns...

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  4. Principal reduction? Do I qualify?

    Answered about 1 year ago.

    1. John P Fazzio III
    2. Peter J Weinman
    3. Leonard Roy Boyer
    3 lawyer answers

    The fee with the contingent component based on the reduction sounds unusual, but ultimately is probably not fair. If he was only helping with the modification and not the lawsuit, then it may be a bit high, but it depends on the hours expended. You have to assume that $250-$350/hr is market rate for foreclosure defense. So, think about the time he put in and do a little math and see if you got charged more/less than market rate, and draw your own conclusions. Success fees, like your "...

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  5. Need advice, rental property underwater 65,000 HELOC , 30,000 back property taxes, city in process of foreclosure for taxes.

    Answered 6 months ago.

    1. John P Fazzio III
    2. John P Corrigan
    3. Richard Croak
    3 lawyer answers

    Tax liens have to be satisfied or a sale is inevitable. The Government gets paid first. The only sure fire scenario is to pay off the tax liens as quickly as possible.

    2 lawyers agreed with this answer

  6. Attorney specializing in illegal foreclosure law suits new york city area ?

    Answered 6 months ago.

    1. John P Fazzio III
    2. Eric Edward Rothstein
    3. Paula Brown Sinclair
    3 lawyer answers

    If the Note assignment documents are defective, presenting a valid standing challenge, these issues can be raised by way of Order to Show Cause. Likewise, if the referees deed is defective, you can proceed by way of Order to Show Cause. What is your ultimate goal? Are you trying to use litigation advantage as leverage for a modification? What is the bank fraud you complain of? Is it fraud in the inducement of the loan or fraud in the assignment/servicing? Is the loan held in a pooled...

    2 lawyers agreed with this answer

  7. Can you get in trouble for paying a business with $10,000 (10K) in cash when you have never filed taxes before?

    Answered 6 months ago.

    1. John P Fazzio III
    1 lawyer answer

    Again, a very straightforward answer, although you've posted this multiple times. If you can document the loan, you have nothing to fear.

    2 lawyers agreed with this answer

  8. Can you get in trouble for paying a business with exactly $10,000 (10K) in cash when you haven't ever filed taxes before?

    Answered 6 months ago.

    1. Richard Albert Luthmann
    2. John P Fazzio III
    2 lawyer answers

    The $10,000 limit is an FDIC thing, not an IRS thing. Of course, a flat $10,000 fee will raise an eyebrow if the return is audited, but I do not expect it would per se raise the audit risk. Lack of prior job history and lack of prior filings also have marginal effect. The suggestion of the term "tax evasion" does raise a red flag in my mind and raises the question what the $10,000 purchase was for - what was being bought. Practically speaking, if there is back-up for the transaction. A...

    2 lawyers agreed with this answer

  9. Can partial beneficiaries' monies be distributed before an estate closes to cover taxes from receiving a 1041 K-1? If so how?

    Answered 6 months ago.

    1. John P Fazzio III
    2. Eric Joseph Einhart
    3. Thomas J. Wagner
    3 lawyer answers

    I don't deal with estate tax questions too frequently. In my experience, you usually due the distribution once and have each of the beneficiaries sign a Release and Refunding Bond waiving any discrepancies in the estate math. You should consult a local estate tax attorney or estate tax accountant in your area. I am not 100% sure of the exact mechanics without looking into it, but you generally would want to explain to the beneficiaries the reason for taking this approach and have them all...

    2 lawyers agreed with this answer

  10. 2nd mtg included in Chapter 7 and now discharged for almost 2 years. Citi Bank is sending collection letters, is this legal?

    Answered 9 months ago.

    1. Steven R. Neuner
    2. Gary D. Bollinger
    3. John P Fazzio III
    4. Margaret Lambe Jurow
    5. Robert J Adams Jr.
    6. ···
    6 lawyer answers

    There is a difference between a lien and a debt. I'm not sure exactly what you did in the bankruptcy. CitiBank as 2nd mortgage holder retains its lien even if the debt is discharged. They probably can foreclose on your property and force a sale, while they might not be able to independently pursue the balance that you owe them.

    2 lawyers agreed with this answer

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