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So with the real estate market, we know here in Arizona. There are literally hundreds of thousands
maybe millions of people that are confronted with a very difficult decision declining home value, upside
down in the home the home value is worth much less than they actually owe we need to give them
options. If the option is foreclosure short sale or loan modification I would take the modification
approach most likely we would have to look at a person's situation a little bit closely by as I am
going down some of the things that we have prepared for the show today, it looks like there are
four main issues that people should know they need to consider the cancellation of debt income, capital
gains tax issue, the deficiency judgments side, and the credit report side and Mike, I know you can
talk to some of these things. But we brought up in the first segment what I think this might represent
and then I think we started to talk about how Mike can help people minimize the impact of what that
would look like on the tax return or eliminated based on the situation so let's make sure that the
people know these four concerns are some things they should consider as they seek advice.
Absolutely, and it's really important that you talk to each arm of the team. You're not going to be able to
make all of these decisions. Just by talking to your tax guy, or were your mortgage guy. They all need
to be on the same page, because one of the decisions by one of the three is going to impact with
the other two aspects of the situation
Mike, that's a really good point. And that is one of the reasons why we worked together Brett and I are
working together and you and Brett have been working together for years and the three of us have
like ideals and also know for the most part what the ramifications are from any one of our decisions.
And we make sure we are able to do the very best for the homeowner every single time, whether it be
tax, financial advice, or loan modification, or even refinance. People forget that we talk so much about
loan modifications. It's kind of nice because you are listening to all these lying ads about refinancing and
other crap that's gone on out there But the reality of it is there is still money out there to lent. We are
still helping people out with refinancing and refinance is the first thing people should try to do
that is licensed by the federal government to do these types of high loan to value FHA type loans.
You can not muddle through the tax issues with Mike Patenella working with you, and you sure
should not be making huge financial decisions without Brett Fallon and his team. So we all work
hard to make sure that your ultimate goal is in your best interest.
Michael before we give up the phone number. I'm sitting here with the computer open and some e-
mails are coming through from people that are requesting that you give up that phone number again
Yes the phone numbers reach velocity financial for any mortgage related loan modification questions is
480 velocity, we have put together a DVD. If you're interested in a loan modification will send out the
video for you if you have any other questions. In regards to purchasing a home refinancing.
Definitely give us a call. We have the most sources available for money right now we also want to
make sure and thanks for pointing this out Mike, how can people get a hold of Mike Patenella CPA?
If you want call me directed it's 480-663-6000
well that's a really easy one 663-6000, and Brett Fallon by the way can be reached through
velocity financial but a Brett why don't you go on and give out your information as we
When you want to reach me I would prefer you call the velocity financial office, let's not give out
too many phone numbers. Over the air I know it may confuse people when I'm driving in the car
trying to jot down a phone number or remember one in my head. It's very difficult, especially when
they're too many floating around. So far I am leaning with the 6000 member that's pretty good
I know we are getting up to the end of the hour the show is about to draw to a close, but to just give
people a sense that what we are talking about today is the ability to have your personal financial
situation accessed. We are going to take a look at modification options or refinance options. If your
mortgage is distressed were no longer suits your needs. You're looking to move whatever it is. We
will look at your tax ramifications and Mike Patenella will be happy to go through those issues
with you step by step basis. And I would be happy to take a look at your overall financial picture and
give you some guidance or suggestions on things that will improve the financial situations. I
appreciate the time to be here today, Michael.
We appreciate Mike Patenella and Brett Fallon, have a safe holiday weekend.