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P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 33073
Experience:  12+ yrs. of experience including real estate law.
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Foreclosure in nevada
, i had an 10 10 80 from

Customer Question

Customer: foreclosure in nevada
JA: Thanks. Can you give me any more details about your issue?
Customer: i had an 10 10 80 from countrywide i was transferred to bank of america and finally to Nationstar , Nationstar recorded the servicing transfer almost five months after they contacted me. They said they did not receive the first payment anyhow i was enrolled in mediation and did not go because of communication error and then an attorney erroneously filed me as chapter 7 with no assets so i had to discharge but nationstar wrote me to start again the bank modification and i did but theyforeclosed anyway. They did not follow the new rule or bill 321 or i need clarification about if a bank has admitted or no contest to predatory lending do they have to do a judicial foreclosure. I just got an extension from the unlawful detainer and i have a month to prove illegal foreclosure or get out
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Submitted: 12 months ago.
Category: Real Estate Law
Expert:  P. Simmons replied 11 months ago.

Hello! My name is ***** ***** I am a licensed attorney with more than 18 years of experience. I am here to assist you with your questions. Please understand that if I ask you for additional information, you are NOT charged again and our communications are NOT timed. So please see this as a relaxed conversation between friends. I am here to help

Also, if you would like to chat on the phone, let me know and I can make that happen.

I am truly sorry for your loss.

And even more sorry to be the one to bear bad news. If your dog caused the accident? You are legally liable for the damages caused. This is basic tort law (tort law is the law of civil wrongs). If you lost control of your dog and it wandered into the highway and caused damages, you are liable for those damages.

This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you that you are not liable, but I can only provide you information based on the law so that you can act on the best available information to you...I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.


Expert:  P. Simmons replied 11 months ago.

Hello! My name is ***** ***** I am a licensed attorney with more than 18 years of experience. I am here to assist you with your questions. Please understand that if I ask you for additional information, you are NOT charged again and our communications are NOT timed. So please see this as a relaxed conversation between friends. I am here to help

Also, if you would like to chat on the phone, let me know and I can make that happen.

This would be a "capitol gain" based on the "basis" of the original gift.

TO determine tax liability, you first look to the basis. Basis is the value of the gift when he received it (back in 87). Then you look to what he received for the sale. The difference is the taxable amount.

So, in his case, if he will receive $15K for the sale? YOu need to determine the value when he received it back in '87. You subtract that amount from the $15K and you will see the gain.

Example: Say his portion was worth $5K in '87. Then the taxable amount would be $10K ($15K - $5K). So he would pay a long term capitol gain on this amount.

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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