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Recent Blog Posts
Category Archives: California real estate
SB 30 Passes Major Milestone
Senate Bill 30, the bill to reinstate the California state tax exemption for cancelled or forgiven mortgage debt of qualified homeowners, passed a major hurdle on May 23, 2012, when the was passed out of the Senate Appropriations Committee by … Continue reading
Posted in Anti-deficiency laws, California real estate, California tax exemption, Debt forgiveness, Distressed Homeowners, Foreclosure, Foreclosures, Form 982 tax exemption, Homeowners Exemption, Insolvency Exemption, Mortgage Debt Relief Act, Mortgage Deficiency, Non-recourse loan, Personal Residence, Principal residence, Principle reduction, Purchase Money Mortgage, Recourse loan, SB 30, Senate Bill 30, Short sale, Underwater
Tagged California Income Tax, Debt Forgiveness, Deed in Lieu, Distressed homeowners, foreclosure, Insolvency Exemption, Mortgage Debt Relief Act, SB 30, Senate Bill 30, Short sale, Underwater
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Still No News on SB 30 (StateTax Exemption for Forgiven Mortgage Debt)
As scheduled, the state legislature’s Appropriations Committee held a hearing earlier this month to determine the fate of Senate Bill 30. As a reminder, this is the bill that, if passed, would restore the state tax exemption for the “shadow … Continue reading
Posted in 1099 taxes, California real estate, California tax exemption, Debt forgiveness, Distressed Homeowners, Foreclosure, Foreclosures, Form 982 tax exemption, Homeowners Exemption, Mortgage Debt Relief Act, Mortgage Deficiency, Personal Residence, Principal residence, SB 30, Senate Bill 30, Short sale
Tagged 1099 Tax, anti-deficiency, Anti-deficiency laws, California Income Tax, Debt Forgiveness, Distressed homeowners, foreclosure, Freddie Mac short sale, Mortgage Debt Relief Act, SB 30, Senate Bill 30
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Important Update on Status of California Short Sale Tax Issue
I wrote last week that the federal tax exemption for mortgage debt forgiveness had been extended for one year as part of the “fiscal cliff” settlement between Congress and the White House. California’s Homeowners Exemption has Expired At that time, … Continue reading
Posted in 1099 taxes, California real estate, California tax exemption, Debt forgiveness, Distressed Homeowners, Fiscal Cliff, Homeowners Exemption, Mortgage Debt Relief Act, Mortgage Deficiency, SB 30, Senate Bill 30, Short sale, Uncategorized, Underwater
Tagged 1099 Tax, California Income Tax, Debt Forgiveness, Distressed homeowners, Mortgage Debt Relief Act, SB 30, Senate Bill 30, Short sale, Short Sale guidelines, short sales, Underwater
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URGENT: Homeowners Tax Exemption Extended Through 2013
The 2007 Mortgage Debt Relief Act, which was scheduled to expire at midnight on December 31, 2012, has been extended for one year as a result of the “fiscal cliff” deal struck between Congress and the president. The Senate included … Continue reading
Posted in 1099 taxes, California real estate, California tax exemption, Cash out refi, Debt forgiveness, Deed in Lieu, Distressed Homeowners, Fiscal Cliff, Foreclosure, Foreclosures, Form 982 tax exemption, Homeowners Exemption, Insolvency Exemption, Mortgage Debt Relief Act, Mortgage Deficiency, Non-recourse loan, Personal Residence, Principal residence, Principle reduction, Purchase Money Mortgage, Refinance, Short sale, Underwater
Tagged 1099 Tax, Debt Forgiveness, Deed in Lieu, Distressed homeowners, Insolvency Exemption, Loan modification, Mortgage Debt Relief Act, Non-recourse, Principle Reduction, Purchase money, Recourse, Short sale, Short Sale guidelines, short sales, Underwater
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SB 458/931 Not Impacted by Debt Forgiveness Relief Act Expiration
No New News of Possible Extension of Mortgage Debt Relief Act I continue to receive daily inquiries from homeowners and real estate professionals regarding the pending December 31st expiration of the Mortgage Debt Relief Act. Unfortunately, the matter remains mired … Continue reading
Posted in 1099 taxes, Anti-deficiency laws, California real estate, Debt forgiveness, Distressed Homeowners, Form 982 tax exemption, Homeowners Exemption, Insolvency Exemption, Mortgage Debt Relief Act, Mortgage Deficiency, SB 458, Short sale, Uncategorized, Underwater
Tagged 1099 Tax, anti-deficiency, Anti-deficiency laws, Debt Forgiveness, Distressed homeowners, Insolvency Exemption, Mortgage Debt Relief Act, SB 458, Short sale, short sales, Underwater
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“Simon Rule” Gutted by New Court Decision
The so-called “Simon Rule”, among the most potent weapons available to distressed homeowners in negotiating short sales, and protecting themselves from financial liability following foreclosure, has been significantly weakened as a result of a new California court of appeals decision. … Continue reading
Posted in Anti-deficiency laws, Cadlerock Joint Venture, California real estate, Distressed Homeowners, Foreclosure, Foreclosures, Junior lien, Lobel, Mortgage Deficiency, Non-recourse loan, Purchase Money Mortgage, Recourse loan, Short sale, Simon rule, Sold-out junior lienholder, Uncategorized, Underwater
Tagged anti-deficiency, Anti-deficiency laws, Bank of America, Cadlerock, Debt Forgiveness, Distressed homeowners, Financial hardship, foreclosure, Junior Liens, Non-recourse, Purchase money, Short sale, short sales, Simon v. Bank of America, Underwater
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Time ticking down on important short sale tax protection.
For many homeowners considering a short sale of their property, among the most important factors is whether and to what extent they may face a tax liability as a result of the transaction. The concern is well founded. As a general … Continue reading
Posted in 1099 taxes, California real estate, Debt forgiveness, Form 982 tax exemption, Mortgage Debt Relief Act, Mortgage Deficiency, Personal Residence, Principal residence, Short sale, Underwater
Tagged 1099 Tax, Debt Forgiveness, Distressed homeowners, Mortgage Debt Relief Act, Purchase money, Short sale, Short Sale guidelines, short sales, Underwater
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Lenders Pushing Back on HARP 2.0
The blogosphere is chock-full of articles announcing the most recent and substantial changes to the federal government’s HARP 2.0 refinance program. The most significant and widely touted change to the program is its elimination of loan to value ratios that … Continue reading
Posted in California real estate, HARP, HARP 2.0, Loan to Value, Refinance, Uncategorized, Underwater
Tagged Distressed homeowners, Financial hardship, HARP, HARP 2.0, Refinance, Underwater
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URGENT – Bank of America announces changes to their short sale process
Real estate professionals with pending Bank of America short sales need to be aware of significant changes to the Bank of America short sale process. Released on April 2, the changes, “aimed at streamlining and expediting the process,” include new requirements … Continue reading
Posted in Bank of America, California real estate, Equator, Short sale, Uncategorized
Tagged Bank of America, Equator, Short sale, short sales
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Important HAFA Program Changes Announced
The federal government’s flagship HAFA short sale program continues to evolve in hopes of more effectively addressing the needs of distressed homeowners for whom continued ownership is not longer a realistic option. The most recent Supplemental Directive 12-02 was released … Continue reading
Posted in Anti-deficiency laws, California real estate, Deed in Lieu, HAFA, Junior lien, SB 458, Short sale, Uncategorized
Tagged Credit scores, Deed in Lieu, HAFA, Junior Liens, SB 457, short sales
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