PATRICK JOSEPH DOYLE is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 13358 MANCHESTER ROAD, SUITE 200, DES PERES, MO, 63131.
PATRICK JOSEPH DOYLE has worked at LPL FINANCIAL LLC since January 08, 2015
Disclosure History
PATRICK JOSEPH DOYLE has 2 Disclosure Event(s).
Date: March 08, 2011 Category: Financial Type: Bankruptcy Disposition: Discharged Broker Comment: MR. DOYLE STATES: WE PURCHASED A RENTAL PROPERTY IN DESTIN IN 2004 WHICH HAD SUFFICIENT INCOME TO SERVICE THE ORIGINAL MORTGAGE. IN 2005, HURRICANE IVAN HIT THE AREA AND MANY OWNERS WERE UNDERINSURED AND WALKED AWAY FROM THEIR PROPERTIES LEAVING MY PREVIOUS INVESTMENT IN WHAT LOOKED LIKE A "WARZONE". THE RENTAL INCOME NEVER CAME BACK TO THE ORIGINAL PROJECTIONS AND THE REAL ESTATE VALUES CONTINUED TO PLUMMET. WE WERE EARNING ABOUT HALF THE INCOME WE ORIGINALLY HAD AND PUT IN SUBSTANTIAL CONTRIBUTIONS TO KEEP THE PROPERTY. NEXT, THE FINANCIAL CRISIS OF 2008 STRUCK AND REAL ESTATE DROPPED FURTHER IN VALUE AND MADE FINANCING DIFFICULT FOR POTENTIAL BUYERS. FINALLY, IN 2010, THE BP OIL SPILL DESTROYED WHAT LITTLE EQUITY WE HAD LEFT AND WE SPENT A YEAR TRYING TO NEGOTIATE A SHORT SALE WITH BANK OF AMERICA. IN THE FINAL ANALYSIS, WE HAD OVER $283,000 IN OPERATING LOSSES OVER THE YEARS WE OWNED IT WHICH WE WERE UNABLE TO DEDUCT. IN ADDITION THE SHORT SALE WAS TO ADD ANOTHER $285,000 IN INCOME TAX LIABILITY SINCE THIS WAS AN INVESTMENT PROPERTY AND NOT A PRIMARY RESIDENCE. MY ACCOUNTANT AND ATTORNEY BOTH COUNSELED US THAT THE ONLY SOLUTION WAS TO FILE CHAPTER 7. WE MADE EVERY EFFORT TO KEEP THE PROPERTY AND HONOR OUR OBLIGATIONS INCLUDING DEPLETING OUR RETIREMENT ACCOUNTS AND SAVINGS.
Date: March 04, 2011 Category: Financial Type: Compromise Disposition: SHORT SALE COMPLETED Broker Comment: WE PURCHASED A RENTAL PROPERTY IN DESTIN IN 2004 WHICH HAD SUFFICIENT INCOME TO SERVICE THE ORIGINAL MORTGAGE. IN 2005, HURRICANE IVAN HIT THE AREA AND MANY OWNERS WERE UNDERINSURED AND WALKED AWAY FROM THEIR PROPERTIES LEAVING MY PREVIOUS INVESTMENT IN WHAT LOOKED LIKE A "WARZONE". THE RENTAL INCOME NEVER CAME BACK TO THE ORIGINAL PROJECTIONS AND THE REAL ESTATE VALUES CONTINUED TO PLUMMET. WE WERE EARNING ABOUT HALF THE INCOME WE ORIGINALLY HAD AND PUT IN SUBSTANTIAL CONTRIBUTIONS TO KEEP THE PROPERTY. NEXT, THE FINANCIAL CRISIS OF 2008 STRUCK AND REAL ESTATE DROPPED FURTHER IN VALUE AND MADE FINANCING DIFFICULT FOR POTENTIAL BUYERS. FINALLY, IN 2010, THE BP OIL SPILL DESTROYED WHAT LITTLE EQUITY WE HAD LEFT AND WE SPENT A YEAR TRYING TO NEGOTIATE A SHORT SALE WITH BANK OF AMERICA. IN THE FINAL ANALYSIS, WE HAD OVER $283,000 IN OPERATING LOSSES OVER THE YEARS WE OWNED IT WHICH WE WERE UNABLE TO DEDUCT. IN ADDITION THE SHORT SALE WAS TO ADD ANOTHER $285,000 IN INCOME TAX LIABILITY SINCE THIS WAS AN INVESTMENT PROPERTY AND NOT A PRIMARY RESIDENCE. MY ACCOUNTANT AND ATTORNEY BOTH COUNSELED US THAT THE ONLY SOLUTION WAS TO FILE CHAPTER 7. WE MADE EVERY EFFORT TO KEEP THE PROPERTY AND HONOR OUR OBLIGATIONS INCLUDING DEPLETING OUR RETIREMENT ACCOUNTS AND SAVINGS.
More Information
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