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September 18th, 2009:

Penalty Charge Notice – How to Cancel

Have you received a Penalty Charge Notice for a violation of any of the millions of Statues, Rules and Regulations that our dear Government are foisting upon us?
Most common ones are for Parking Violations, Driving faster than the speed they have declared is right, paying something after their deadline, or not providing them with something they demand.
The fact is that you have been a victim of a gigantic deception that has been going on for a very long time. You have been tricked to believe that they stand above you in the law. That they have authority over You. This is simply not true.
The fact is that You are actually senior to the Government – because you are a living thinking flesh and blood being, which a government is not. A government is nothing but an idea expressed on paper – a corporation, a legal fiction, all be it a large one. It itself does not exist in the Physical Universe as such – the employees, land and buildings of it does, but the government itself does not. You can sign a contract – the government can’t. How can an idea expressed on paper hold a pen?? Only another human being authorized to sign on behalf of the government can. And that human being is your equal before the law.
What does this all have to do with dealing with a Penalty Charge Notice, I hear you say. Well, it has everything to do with that. If you understood where you stand in relation to the law you would not be where you are today. Did you know that your car is not yours? Look at the Registration Certificate – you are only listed as the “keeper”. You signed it over to the state when you signed the registration papers. That is why they can take it and crush it if you do not pay the “keepers fee” (tax). That is why they can demand that you keep it insured (it is their property and they do not want to be liable for what you do with it).
I am not saying that you need to study the millions of Statues expressed in various Acts issued by the Government. You need to learn Who and What you are in the eyes of the law and what law applies to You. This can be done in a relatively short time.
If you are given an “On the Spot” fine by a police officer, he might want you to sign it and will keep the Original for himself and give you a Copy. But that “Ticket” is actually a “Bill of Exchange” and as such you have the right to ask for the Original. Do not refuse to sign it, that will put you in dispute (they want this, so they can take you to Court to settle the dispute), instead say: “I recognise that as a Bill of Exchange. I accept your Bill of Exchange – please give me the original which I have a right to ask for”. Most likely it will be swapped for a “Warning”.
Lucky for us, there are some people who have invested a lot of time in understanding the laws and the legal system, so as to give us a way out of this system and stand up for our natural rights. If you follow my link you will be introduced to such a group. If you join my mailing list, I will get a link to a book that explains how the system actually works and I will give you a template for dealing with any Penalty Charge Notice. You will also get to a Video that explains how the Law was set up and has been used to trick us to submit to all the Taxes, Fines and millions of Rules. None of which has to apply to You.
A word of warning though: Our adversaries will try to fight back and bluff you, so you need to do some study before you put it into action, and as with anything in life there are no guarantees. But many have used this successfully. Me included.
If you do not receive the template automatically in the first days, just reply to an e-mail from me and I will attach it to my reply.
The Book you will get is by a woman who was in despair about debt, and her journey from there to where she had her debts cancelled, where she gained some access to a secret account the Government had created in Her name (we all have one), and where she realized she did not have to pay Income Tax and walked out of the Tax office laughing. She now lawfully drives a car that is truly hers for which she pays no Tax or normal insurance. She even gave up her Drivers Licence and now uses one she made on her own computer.
What she did anyone can do – if they want. You can be a lot more Free. It is your choice.
Kent Bengtsson

Mortgage Debt Elimination – How to Save Yourself from Compounding Interest Rate

Mortgage debt elimination, this is the word that rings a bell in many of the home owners out there. Ever imagined paying off your mortgage in one go when you strike a first prize lottery or the day you inherited a lump sum of cash from a deceased old woman down the street whom you always say good morning to? Reality says this is not going to happen nor is there any magical formula that will pay off your mortgage the next day.
Well, if you’re still reading after the first paragraph, there are actually ways that would make you better off by lightening your mortgage debt.
First off, one of the most commonly adopted methods is to increase your monthly mortgage repayment. By increasing your monthly repayment rates, you are effectively shortening the duration of your repayment period. I’m sure most of the homeowners out there would realize that by the end of their repayment period, they would have paid off more than the value of the house itself. This addition of payments would namely be known as interest rates. By shortening your repayment period, you are effectively decreasing the amount of interest rates you pay. A quick illustration says that if you pay an extra $100 per month for a $120,000 (30 years @ 9%) mortgage, you would be looking for a saving of approximately $80,000 after the end of your repayment.
It should be noted that there are shortcomings in increasing your mortgage repayment rates. For example, the extra $100 per month could have been invested elsewhere that would potentially generate more than $80,000 under the same period of time. However imagine this; if you are someone constantly being tempted to stick your hand into the piggy bank, increasing your repayment rates would be a wiser option as there is a good chance of you blowing away your investment/savings before the compounding of interest rate takes effect.
Secondly, this seems like a rather old suggestion but if you cannot afford more than 20% down payment, you should rethink the value of your house. The reason is because for a less than 20% down, you will be required to pay for additional insurance which is known as mortgage insurance. Unlike a life insurance, the mortgage insurance is there to protect the better interest of the bank (ssshh, let’s not say you hear that from me) because it covers only the mortgage. Life insurance basically covers you because in case unpredicted fate takes place in your life, the compensation would be able to cover your mortgage and your life whereas mortgage insurance basically covers only, errr the mortgage.
Last but not least, consider this when you are taking your mortgage. If you are a wise money saver (or we call them penny pincher in some cases) and if this is within your means, take a shorter repayment period. In the short term, it may seem you are paying more compared to other homeowners. However consider this, your mortgage is spread across for 15 years as compare to 30 years and effectively, although you are paying an extra say $100 per month, the savings from interest rate paid for a 30 years mortgage will not even come close to what you have saved from a 15 year mortgage. Additionally, the plus is you get a peace of mind and security knowing you have paid off your mortgage earlier.
Think about this, buying a house is one of life’s biggest purchase. If you think you are not ready, take a little time off for reconsideration as the decision you make today would affect you for years to come.

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Is Mortgage Debt That Is Discharged Taxable As Ordinary Income

This topic is a real bugaboo that seems to be attracting quite a bit of attention these days, what with foreclosures, short sales, bankruptcies and walk-aways in full bloom in the garden known as the mortgage meltdown. Unfortunately, there seems to be more misinformation and urban myth floating around than good professional advice. If you have any reservations at all about your status, don’t make any assumptions about this subject without consulting a lawyer or accountant.
The short answer is that Congress did pass the Mortgage Forgiveness Debt Relief Act of 2007, which does provide a lot of relief, and will probably benefit most of the folks that are most in need of the relief it provides. But if you have investment property or a HELOC, keep reading.
First of all, the general rule is that forgiven debt gives rise to “ordinary income” which is a taxable event ordinarily reported on IRS Form 1099. Historically, there has been an exception that if the taxpayer is insolvent (which means only that their debts exceed their assets) then the forgiven debt is not taxable to the extent of the insolvency. This means simply that if I owe $100 but my assets are only $80, then I am “insolvent” to the measurable tune of $20, and the amount of the forgiven debt that is not taxable would be limited to that $20. The filing of a bankruptcy petition gives rise to a “presumption of insolvency” which usually is the end of the issue and the taxpayer won’t be taxed on the forgiven debt. Absent a bankruptcy petition, you would normally have to prove the insolvency to the IRS in order to avoid the tax.
Last year Congress passed H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007. This statute, which is a change to the Federal tax code, creates a specific carve out to the general rule without requiring the taxpayer to prove insolvency or go through the bothersome chore of filing bankruptcy. But it is not the free ride that some news sources and pundit-sorts have made it out to be.
First, the real property securing the forgiven debt must be the taxpayer’s principal residence, which means that the taxpayer had to have resided in it as a principal residence for the prior two years. A taxpayer can only have one principal residence. Second homes, vacation homes, investment property and raw land do not qualify. While this won’t disqualify the mass of folks currently awash in the foreclosure paper chase from sea to shining sea, it means that this is not a safe harbor for investors.
Second, the amount is limited to $2 million. Not a huge obstacle in most parts of the country, but with real estate prices in the Bay Area being what they are, this limit could still hit some poor soon-to-be-homeless gazillionaire where it hurts.
Third, the window is only open for three years. The debt must be discharged between January 1, 2007 and January 1, 2010, unless extended before then. So if you’re going to lose your home, you better hurry!
Fourth, the debt canceled must be a loan that was used to “acquire, construct or substantially improve” the property. Sounds innocent enough, but this will exclude many home equity loans and probably all home equity lines of credit. Given that a lot of the loans that are causing the most pain right now are second deeds of trust that might not have been purchase money loans, this limitation could catch a lot of folks looking in the wrong direction. If the loan that is about to adjust up and double the monthly payment on that second you took out to pay down some college tuition or credit card debt, this law won’t help you.
While the IRS hasn’t yet published one of its riveting standard publications yet–the law only went into effect January 1, 2008–you can still get their current spin on the law’s provisions here. This is the bookmark publication until something more formal is issued.

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