Mandelman Matters

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Jim and Martin talk about tax advantages and tax planning specifically relating to HECM which is the acronym for the Government's federally insured mortgage program called the Home Equity Conversion Mortgage.The guest on today's show explains HECM in more detail he has experience in many different kinds of tax work. Jim explains if the HECM mortgage interest is taxable and how to navigate that when leaving a HECM mortgage to your heirs.  Jim answers common questions such as what happens if you have not been making payments this year and what that means in the long run for your loan.Jim explains to Martin what bunching is and how that can benefit you.Martin and Jim discuss why you should consider converting to a Roth IRA because it would not be considered a taxable income. Jim talks about what happens when you die what happens to all of your HECM mortgage interest and how to best prepare. They talk about what it looks like to refinance your HECM and what the pros and cons of doing that are.     Martin asks Jim how to tell if your tax advisor is knowledgeable in this subject and the right questions to ask them to get the answers that you are looking for.Maritn is going to have articles about all of this in more detail on his website. You can look there to get more information about these topics.

There are a growing number of publications telling consumers to expect a wave of foreclosures. There are estimated in January that 2.1 billion loans went into forbearance. They also estimate the first wave of forbearance ending loans will hit in June/July.  This applies to all federally approved mortgage loans through the end of this year. What will happen as some 2 million-plus of loans in forbearance modification are coming to the end of their forbearance? The easiest thing for servicers to do is apply for the payments at the end while the homeowner resumes the payments. This may be an option presented to borrowers, but it may not. The last time this happened, we learned a lot about pooling and serving agreements. Will there be something like this for this time around?   Each private label servicer can come up with its own program. Each one is likely to be a little different. The benefit of the federally backed loans is that what they do has to be published online.We discuss the importance of taking good notes when dealing with your mortgage servicer if you need to go to court or present that information in future conversations. This issue can become very complex this time around, and we discuss what may happen in light of history and current trends.One of the main challenges is that there are many loans and not a large number of trained technicians to help consumers get a good modification to their mortgage. Learn more about Max Gardner and his Consumer Defence Academy.

One of the fundamental differences between the Trump and Biden administrations is immigration was viewed as a bad thing under Trump, and Biden views immigration as a good thing.This is the fundamental difference.Immigration status has been a confusing and complex topic since the Obama administration. People would come into the country, assimilate, and never come to the migration hearing. This was often because their hearing would be where they entered the country, and the person may have moved to Michigan, and sometimes the hearing would be up to a year away.In Mark's experience, they were prosecuting 350 souls per week in Tusan whose only crime was coming across the border illegally. We talk about kids in cages... The real problem is that it is difficult to determine if the child who came into the country belongs to those entering illegally.Republicans love immigration because of undocumented, cheap labor, and the democrats look at undocumented aliens because they are likely to vote for their party.  In Mark's opinion, we don't have an immigration problem. We just don't want to have an honest conversation about the benefits of immigration.We seem to lack to political will to propose a bill because we are better off doing what we are doing now "complaining about the problem and raising a lot of money." We discuss the levels of criminality. We have a system to rank the level of criminality based on the sentence length, and being in the country illegally is the lowest level. So the question is do we view people here illegally as criminals or trespassers, guilty of a crime similar to jaywalking. Is it true that Trump scared people who wanted to enter the country, and Biden is less scary? We discuss. Is the wall having an impact, or is it mostly political? Are the borders open? What is it like on the ground in the desert between the United States and Mexico?In Mark's 20 years of experience has immigration changed? We discuss operation streamline where an individual would get arrested on day one. 48 hours later they meet with an attorney, are in front of a judge, and in about six, seven minutes, they have admitted guilt and been convicted, sentenced, and put on a plane back to their country.The closest we have come to a meaningful immigration bill was the Amnesty Program in 1986, but there was no will to enforce and it became law with no teeth.It seems like if we really wanted to do something about immigration we would have one of the parties propose a bill and pass it into law, but we don't seem to be willing to do that.

Jay Patterson is a nationally recognized forensic accountant and Certified Fraud Examiner.  He is the owner of Full Disclosure LLC since 2007.  His practice is limited to forensic and investigative accounting/auditing relating to mortgage loan servicing functions, processes, and document forensics.  Jay has specialized knowledge in these areas and has testified as an expert witness in a variety of jurisdictions, including state courts, federal courts, and legislative bodies.  He has developed methodologies used in the investigation, examination, and analyses of mortgage loan servicing transactions and processes.  He has extensive knowledge of the data that is available from the major mortgage servicing systems including Loansphere MSP, LSAMS, RealServicing, among others.  He regularly teaches attorneys, attorneys general, county recorders, judges, and bankruptcy trustees and is viewed as one of the few people in the country, outside of the mortgage industry that is qualified to conduct these types of examinations and analyses.  He is also a faculty instructor for Max Gardner’s Bankruptcy Bootcamps as well as a guest speaker at various trade organizations including NCLC and bar associations.  He has also testified before the Arkansas Judiciary Committee regarding statutory foreclosure issues.  His clients include some of the most well-known consumer attorneys in the nation including Max Gardner, Tom Cox, Linda Tirelli, and Marc Dann to name a few.  He has worked for banks, mortgage-backed securities investors, attorney generals, bankruptcy trustees, county recording offices, hedge funds, and other governmental entities. Jay has also testified in several high-profile cases more recently Saccameno v. Ocwen in the US District Court for the Southern District of Illinois.  Jay is currently working with the Ditech Holding Corporation Consumer Creditor Recovery Trust analyzing claims.  He also has a previously published study commissioned by the San Francisco Office of the Recorder for the City of San Francisco as well as several papers related to mortgage loan servicing issues.Jay holds a Bachelor of Science degree in Accounting from the University of Arkansas.  He is a member of the Association of Certified Fraud Examiners, the American Institute of Certified Public Accountants, and the Arkansas Society of Certified Public Accountants.  He is a native of Texas and resides in Hot Springs National Park, Arkansas.  He is married for 34 years to attorney Annabelle Patterson and has 2 children and 1 grandson.  In this episode, they talk about loan forbearances and loan modifications.  And the fact that there is predicted to be a new wave of foreclosures after the pandemic. Jay comes on to say that the protections put in place during the pandemic could end as early as June or as late as December.  Jay talks about the differences between a government-backed loan and a non-government-backed loan. Jay also talks about what happens if you can't go back to paying your mortgage in the way you were before and what to do about that.

My guest today is David Andelman. Yes, he's a cousin. Yes, he's a relative. However, that's not why he's here. David is a veteran correspondent, author, and commentator. He contributes frequently to CNN on global affairs. He writes a column every week. He's a member of the board of contributors of USA today.And for more than seven years, he was the editor and publisher of the world policy journal. He was also editor executive editor at Forbes, he's been a domestic and foreign correspondent for the New York times in New York, Southeast Asia bureau, chief. He was based in Bangkok, Eastern Europe. Belgrade, he moved to CBS news.He was seven years as a Paris correspondent. He has written for publications that include Harper's the Atlantic, the New Republic, the New York Times Magazine Reader's Digest Foreign  Policy, foreign affairs. He's a graduate of Harvard and the Columbia University graduate school of journalism.He's a member of the century association, the council on foreign relations, the Harvard Club of New York, the national press club. He, if he's not qualified to talk about media bias, no one is all right. That's why he's here. The basic discussion is people believe news is left-wing or right-winged biased. We talk about how it works as a journalist today.David believes the political spectrum has shrunk dramatically in the past few years because the moderate middle has shrunk dramatically. The role of a journalist is to show exactly what is happening on the ground today. Their obligation is to present the world the way it really is. Does CNN have a left-winged bias? David gives his insight. We talk about Rick Santorum being fired by CNN because his opinions were so extreme that he couldn't represent a news organization that purports to tell the real truth and present the world the way it really is.What is the role of opinions in the news? How has it changed over the years?If there is not a left-winged bias to CNN and NBC is there a bias toward conflict? Is the media driving the polarization of our country or is it simply reflecting the polarization. It looks like bias in the media but really it is the bias in our country. ~ David AndelmanWhat has the role of for-profit news and changes in the monetization of news programs played in the integrity of the news?   There are two kinds of media: • Mediated Media• Unmediated MediaUnmediated media isn't seen by anyone else before it is shipped. Professional news organizations are mediated media. They may have up to 8 people review, proof, revise, and verify each piece.

David also has a 12 part podcast series called A Red Line in the Sand which is fantastic. David shares from his extensive experience as a journalist his perspective on the state of the news and the coverage of the Syrian Civil War, unpacking its complicated history and context to the conflict.The Assad family has ruled Syria for close to half a century now. It hasn't been a "wonderful" rule. They've been concerned about enriching their own family and securing power. When you talk about Obama and Trump in Syria, you come to a red line.  When Obama was asked by an NBC correspondent what would happen if Assad uses chemical weapons against his own people, Trump responded, "That's a red line, something we cannot tolerate. That is a firm, clear red line in the sand."   A year later, he did use chemical weapons against his own people. A strong military response from Obama was reconsidered the response from Obama at the last moments before retaliation. When Assad used chemical weapons during Trump's presidency, he responded with a missile launch. It was a medium-sized strike that basically did nothing. Assad is continuing his campaign against the rebels in his country to those who oppose him.David shares stories of interviews with many prominent middle easter leaders throughout the years. Is there still a civil war in Syria? According to David, It's difficult to say since Assad has been so successful in eradicating the opposition to his regime. We discuss the role of Israel's support in American politics. The largest supporter of Israel is evangelical Christians. Obama was criticized for being not pro-Israel enough, Trump was very pro-Israel, we talk about how Biden is handling our countries stance on Israel.

Health care is a topic discussed at the dinner table all over the world due to the pandemic. We talk about Gelena's thoughts on when we will likely start to get back to a sense of normalcy because of immunity. There are many obstacles: people are fearful of the vaccine because it's a new technology and there is not much data on the long-term effects.  She believes that because people are fearful we will have a hard time getting vaccinations fast enough.The doctor with his "black bag" has long been a powerful symbol of care and healing – but it's so last century!  Today, technology allows us to bring the best of modern healthcare to you and your family, right in your own home.No other home healthcare provider offers the power of their TealTech diagnostic system. From blood panels to ultrasound, ECG to pathogen tests for flu, strep, and more – we get to the bottom of health issues quickly so you and your family can rest easy.They also do COVID-19 rapid testing at your home, minimizing the risk for older patients.TealHeal represents the next evolution of health care where they deliver a new kind of house call. Using next-generation technologies, we bring the urgent care clinic to you. We save you and your family from the stress, waiting and worry that are so common in healthcare today. They can actually bring a mobile, hospital quality lab to a patient's home without ever having to leave their house. This is good to consider if you are elderly waiting to get vaccinated and would like to avoid the risks involved in leaving your home. Find out more about TealHeal on their website and other in-home providers that are members of the American Academy of Home Care Medicine.

DebtCleanse™ was founded by Jorge P. Newbery, a successful entrepreneur who lost everything to a freak act of nature and found himself $26 million in debt. Jorge fought back and is now debt-free. The DebtCleanse™ system was built around the strategies Jorge learned and developed in the process of eliminating his own debt.Jorge found his way out of massive debt by finding errors that his creditors made and exploiting those mistakes to get reduced payments or settlements. They are a conduit between consumers and creditors.Jorge walks us through the process of using DebtCleanse™ as a consumer and the benefits and the process they will take you through to help decrease your debt. DebtCleanse™ allows individuals who are struggling with debt to get free credit reports and put their case in front of a trained attorney. Most attorneys will only get paid if you get paid and so many clients only experience the monthly cost of the program which is $29. They also offer the first month for free to prove their value to customers. So you really have nothing to lose.Martin said he was going to try DebtCleanse™ and report back on it at a future date.Get access to a network of attorneys to help you through your debt and credit issues and uncover any violations to challenge your creditors. Debt concerns related to you, your spouse, and any dependents are all covered.Users get three Bureau Credit Report with Updates – Easily generate your credit report and score through the DebtCleanse platform to get a full picture of your credit history. Plus, access an updated report whenever you or your attorney need it. For more information, you can visit them online at https://debtcleanse.com or call  (800) 500-0908

Why are reverse mortgages misunderstood? I think it's largely because of how the industry has marketed and advertised them… as a product older people get when they need money to cover living expenses during retirement.   So, it would stand to reason that all of the people that do not yet need money to cover their living expenses, would ignore reverse mortgages completely… which is exactly what they do for the most part.The media’s coverage of reverse mortgages has been terribly slanted, but that’s not even the worst of it… it’s also been factually incorrect in most… if not all, cases.  And that certainly hasn’t helped anyone gain a better understand of anything.Well, I’ve been writing about these and other issues related to reverse mortgages for some time now, but I wanted you to hear what others have concluded after researching the product.David W. Johnson, Ph.D., is an associate professor of finance at the University of Wisconsin-Superior and holds a doctorate in finance from the University of Tennessee.  Zamira S. Simkins, Ph.D., is an assistant professor of economics at the University of Wisconsin-Superior and holds a doctorate in economics from American University.  Together they published a paper titled: “Retirement Trends, Current Monetary Policy, and the Reverse Mortgage Market” that appeared in the Journal of Financial Planning 2014 27 (3): 52–59… and was widely read and discussed all over the country, having been reviewed or reported on by numerous other publications, as well.They are my guests on this Mandelman Matters Podcast… they are not selling anything… and they both have become experts when it comes to reverse mortgages.   In PART 1, Professor Johnson does an outstanding job presenting the facts about the product, commenting on the media’s awful coverage, and discussing the industry and the problems it faces.  (I LOVED doing this interview and I think it’s certainly worth listening to, no matter who you are.  It’s just that good.)Professor Johnson was actually primarily motivated to study and write about reverse mortgages by the media’s horribly slanted and generally inaccurate coverage of reverse mortgages, and he shares some examples that will make you cringe.  He’s also one of those educators that is great at making things simple and getting right to the heart of the issue.Not only should you listen to this podcast, but I hope you’ll pass it around to anyone that would benefit from knowing the facts about reverse mortgages, and the incredible and little-known ways they can be used.

My guest, Barry Sacks, has spent 35 years as an ERISA attorney, a lawyer who specializes in qualified retirement plans… helping people save enough for retirement and then helping them structure income during retirement. A few years ago he discovered a role for a reverse mortgage that no one had ever considered before… he used it to make a retirement portfolio last longer.So, he published his findings in professional journals and went on the lecture circuit speaking in front of financial planners, CPAs and other professionals from all over the country.As he gained an in-depth understanding of the reverse mortgage he made monetary comparisons few if any had done before, and he found tax advantages that could be inherited by a borrower’s heirs, that wouldn’t be possible otherwise.  His conclusions showed that the conventional wisdom about reverse mortgages was wrong.When a number of people read what I wrote about reverse mortgages,they called and emailed me with the same message:“You need to talk to Barry Sacks.”So, I did.  And it didn’t take long before I realized why the others said I needed to talk to Barry.  You need to hear from Barry too, and you’ll find out why when you click PLAY below.Barry earned his bachelor's in Electrical Engineering and Political Science from M.I.T. in 1961.  Then he went on to earn his Ph.D. in Physics from M.I.T., thus establishing that he’s got mad skills when it comes to math.  He worked as a professor for a number of years, teaching at U.C. Berkeley during the late 1960s.In 1973, Barry earned his J.D. from Harvard Law School, he’s been a member of the California Bar since 1973, and since 1980, he’s also held the designation, Certified Specialist, Taxation Law, from the California Board of Legal Specialization.  In addition, he’s been…Selected by professional peers for listing in “Best Lawyers in America,” 2004 to present.Selected by professional peers for listing in “Super Lawyers of Northern California,” 2004 to present.Okay, so enough of that, it’s time to get to the exciting part.  I’m not kidding about this… everyone I know should listen to this Mandelman Matters Podcast with my guest, Barry Sacks.  It’s just that important.