Short Sale 1099 And Its Implications

By Sean A. Kelly

The form 1099-C is generated when a home owner sells his or her property using a short sale. But many people are unaware of short sale 1099 and other outcomes of a short sale. While many homeowners feel that once the property is gone all financial obligations are wiped out, this may not necessarily be a correct assumption. In cases where short sale 1099 is passed the borrower is liable to pay taxes on the debt that has been forgiven. There are also other legal implications. Additionally, most borrowers are concerned about their credit scores before going in for a short sale.

But the most painful possibility is that of losing your home in a foreclosure short sale and also being hit with a huge IRS bill. Generally when the short sale is not performed correctly and the short sale proposal request is not properly formatted, you may actually end up being hit with a huge tax burden. What is important to note here is the fact that while the Mortgage Forgiveness Debt Relief Act of 2007 relieves the homeowner of any potential liability regarding the shortfall that may occur in a short sale, in most cases this applies only to foreclosures on primary residences. Also, there is still a ray of hope for the borrower on the investment property or second home if he or she can prove insolvency. Generally you can prove your insolvency without having to file for bankruptcy since the threshold for proving insolvency is much lower than qualifying for bankruptcy. If you can prove that your debts exceed your assets, they may be absolved with the use of the IRS Form 982.


A short sale can help you in debt consolidation by allowing you to sell your property at a lower price than the original price when you purchased it. After the completion of the short sale process, the bank issues a satisfaction note to the borrower and releases him from the mortgage. Short sale dealings can vary from lender to lender with each lender setting its own terms and objectives. The tax liability on short sale may also depend on the type of property you are selling. If you are selling your primary home then according to the Mortgage Forgiveness Debt Relief Act of 2007 your forgiven debt is excluded from the tax amount. Any additional funds attached with short sale or foreclosure are also forgiven. But the problem arises from the fact that the IRS (Internal Revenue Service) considers the forgiven debt amount as taxable income.

If you are not selling your primary property then you would be eligible for taxable payments. For situations like agricultural loans, non recourse loans, bankruptcy or unsolved cases taxes on a short sale are forgiven. But if your case involves business mortgage, credit card payments, car loan payments or rental property issues then taxes on a short sale won’t be forgiven.

Interestingly, understanding how your lender reports on the 1099C may be critical for you. It is always advisable that you look closely at the amount of debt forgiven and verify the value that is listed for your home. If you have received an erroneously prepared 1099C from your lender you must immediately contact them for corrections. It is important to review the 1099C to determine its accuracy because if you are not careful, it may cost you money!

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How To Make A Criminal Injury Compensation Claim

By Mumtaz Shah

If you have been a recent victim of a crime, then there is a very good chance that you’ll be entitled to make a criminal injury compensation claim under the Criminal Injuries Compensation Scheme.

CICA Criminal Injuries Compensation Authority

Great Britain has in place the oldest compensation scheme for people who suffer criminal injuries as victims of crimes, with the first version having been introduced in 1964. Based along the lines of personal injury compensation claims, the CICA compensates victims of violent crime who have suffered any:

injury, whether that be physical or mental, as a result of being the victim of a violent crime

possible loss of earnings that the victim may endure as a result of such criminal injury

bereavement suffered as a result of a loved one having died as the victim of a violent crime.


Since 1996 the CICA has adopted a fixed tariff criminal injury compensation scheme as set out by parliament in the Criminal Injuries Compensation Act 1995 for those who are entitled to make a criminal injury claim.

Making A Compensation Claim

If you plan to make a claim to the CICA for criminal injury compensation, then you’ll need to show that you have suffered either physical or mental harm as a result of having been the victim of the violent crime in question.

Note that you need to show that a crime took place, you do not need to show that a conviction resulted from the crime you are claiming took place.

If you have grounds to believe that you have a criminal injury claim, you can obtain a compensation form from a personal injury solicitor, which you then need to compete and return.

The CICA then acknowledges receipt of your form and should process the claim. Keep in mind that this can be a lengthy process and can take anywhere up to 18 months after you have submitted the criminal injury compensation claim.

Also, as the scheme is for victims of violent crimes, the minimum compensation payable under the scheme is 1,000 and the maximum amount of compensation is 250,000.

Moreover, keep in mind that if you have made a claim for compensation under the scheme and are not satisfied with the initial compensation awarded for the criminal injury you suffered, you are entitled to submit a request to have a review of your criminal injury claim within 90 days of your original award being made.

If you still dont like the award after this review process has been completed, then you can appeal your criminal injury compensation claim to the Panel of the CICA within 30 days of the outcome of the appeal process. If the Panel of the CICA award still does not satisfy you, you then have the right to appeal your claim to the High Court.

Are There Any Alternatives?

If you have been the unfortunate victim of a crime, you should speak to a criminal injury solicitor as soon as you can following the event. In part this is because the criminal injury compensation scheme is only for those who are the victims of a violent crime.

On the other part, you need to make sure you do this so that you can get the advice from your criminal injury solicitor as to any alterative compensation you may want to seek.

Any alternative compensation claim you do instigate will be based on a civil action for personal injury. As a personal injury claim can be expensive, if you believe you may have a case for personal injury compensation but do not have the funds to pay a costly solicitor, you should talk with a no win no fee solicitor to see if there is any chance they will represent you in your claim.

And Finally

Finally, as well as being the oldest criminal injury compensation authority in the world, with over 80,000 cases a year paying 200 million in compensation, the CICA is also one of the highest rewarding criminal injury claim boards in the world.

About the Author: It’s easy to seek criminal injury compensation and gain maximum results without the hassle, costs and confusion. Discover the 12 revolutions of criminal injury claims at


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Mortgage Companies Prime Lenders Vs Sub Prime Lenders

By Carrie Reeder

For the best rates and fees, look to a prime lender to give you top financing due to your excellent credit score. For those with poor credit, turn to a sub prime lender for reasonable rates on mortgage loans. You will also find more flexibility with a sub prime in drawing up terms and conditions in your loan contract.

When Prime Lenders Are Best

If you have an excellent credit score and a solid financial base, look to a prime lender to get you the market rates and fees. With near perfect payment history and cash assets, you can bank on getting superb rates.

To get even lower rates, do some comparison shopping online. Working with a mortgage broker can save you time in your search. You can also negotiate further rate reductions by paying points at closing.


But if you are looking at a down payment of 20% or less, you will need to carry private mortgage insurance. Annual premiums cost around a thousand or more. Once your assessed equity value equals 20%, you can then drop the insurance.

Special Cases For Sub Prime Lenders

Sub prime lenders handle financing for special cases, whether that is bad credit or unique terms. For accepting mortgage applications with higher risk levels, sub prime companies charge slightly higher rates.

Of course there are shady lenders who charge excessively high rates and fees. But you can avoid these companies by researching several lenders to find a good deal on a home loan.

Sub prime lenders don’t require private mortgage insurance or a stellar credit past. Nearly everyone can qualify for financing; it’s just a matter of what rates and fees you are willing to pay.

Where To Find Your Lender

Nearly all lenders handle quotes and applications online. If you are unsure about which type of lender to turn to, take a look at your credit report. If you are still undecided, ask for loan estimates from both types of lenders.

Even within each type of lender, there is a lot of variation in loan costs based on the terms you select. So consider all your loan options when comparing rates and fees.

About the Author: Visit for a list of subprime mortgage lenders online. View our recommended subprime mortgage lenders online.


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Health Insurance And Some Of Its Plans

The thing that must be kept in mind always before you are about to purchase an insurance plan for health for you and also for your family is that you must make a very good comparison among all the insurance agencies, providers and companies so as to choose the best from all of them to get a very good health insurance plan for you and also for your family. Do not go for cheap insurance plans of health ever, but do also have a very good look on all the different services, which is very truly very much important. Below are given few insurance plans: The PPO plans for health insurance-The health insurance plans called the PPO health insurance plans will include a very good network of agents providing you facilities that will very truly be very less expensive and also reasonable to you. If you really go for a non-network agent then you will be very truly getting coverage but in this case that will be at a very low level. The PPO plans for health insurance are very truly very much popular among a very large number of people because they really offer a great flexibility and are very simple to use also. The PPO plans for health insurance are really the combination of flexibility, network coverage as well as simplicity. The PPO plans for health insurance are also very truly very popular among a very large number of medical agents and with a very large number of consumers also.The HMO plans for health insurance-The health insurance plans called the HMO health insurance plans will not at all provide you with their own network of agents. In these plans for health insurance for getting the coverage of health you will really have to use your own network of agents, but they are mainly very simple to use and also very truly provide you with a very good medical coverage. The HMO plans for health insurance are not at all that much flexible as compared to the insurance plans called the PPO health insurance plans, but they very truly work very well for a very large number of people who live in an area with a great network of agents of health care.

9 Thoughts On Why You Should (Outsource Your Medical Billing)

Outsourcing your medical billing and coding to a qualifiedmedical billingstaff provides your office with the following:

  1. Decrease in office overhead, as outsourcing to our billing team saves time and money
  2. Support with operating and setting up Electronic Health Records (EHR) Medical Billing Software
  3. Utilizing online portals for electronic billing and health record management
  4. Submission of electronic and paper claims (Form-1500 02-12)
  5. Educating staff on medical billing and coding changes
  6. Training staff with online portal utilization and set up
  7. Obtaining Authorization for both in-network and out-of-network providers
  8. AR recovery management, Revenue Cycle Management
  9. Patient statements

Outsourcing saves yourmedical practicetime and it improves your output. This allows medical groups to concentrate on the deliverance of quality service to their patients. It saves time and money.

Additionally, medical groups lose tons of money every year due to improperly processed claims, poorly-timed submissions and ultimately an inefficient billing cycle.

The benefits of outsourcing medical billing highly outweigh the alternatives and are far too big to ignore, especially fornew medical practicestart-ups.

Affordable Auto Insurance Online Get Rates Now

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Tips to Minimize Your Auto Insurance Rates

Raising deductible on complete coverage if you live in an area with less crime, fewer natural disasters, or less likelihood for windshield chipping/cracking will lessen your auto insurance rate. Find out with comparative auto insurance quotes if you can bring your premium low given your statistical data. Compare online auto insurance rates to find car insurance that wont break your budget. People having bad credit may go through in the form of higher auto insurance prices with respect to auto insurance renewal as well as for new insurance policies.


How to get best low-cost auto insurance rates?

Statistically, a teenager or a senior citizen is far more likely to hit something than a 35 year-old and therefore have to pay higher for their auto insurance rates. There are numerous factors that will affect your final rate and each company has its own methods of using and calculating these factors. An excessive insurance rate may not meet your coverage needs. Drivers who are unmarried are often charged higher auto insurance by insurance providers as opposed to married drivers. Each automobile is assigned a risk number by the Insurance Services Authority and insurers then use that number to price their premiums. Not having the right auto insurance rate could wipe you out financially.

If you compare auto insurance rates online, you’re bound to get the best prices.

Today’s tightening economy means some of the finest discount rates also signify the best packages you can get. Get multiple auto insurance rates from recognized insurance companies by sending your details just once. By filling out a comprehensive online application you will be able to find the most reasonable rates with the best coverage for your particular driver status and age. In order to find out which are the best auto insurance deals available, compare auto insurance rates online to see what criteria insurance companies have. Shopping online for auto insurance rates in is a good idea if you want spontaneous responses to your questions regarding amount of coverage, price, and discounts available to your current situation. Since insurance is such a competitive market, insurance providers will try to outdo each other in freebies, bonuses and discounts if you shop for quotes for auto insurance online.

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