-
Your Client Underwater?
Are you a real estate professional dealing with anxious people burdened by underwater mortgages, foreclosures or short sales? Checkout the programs and training on the navigation bar above.-
Recent Blog Posts
Category Archives: Uncategorized
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
Leave a comment
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
Leave a comment
“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
Leave a comment
Short Sale Tax Exemption Update
I recently attended a networking event of local Bay Area realtors, and was shocked to hear a young realtor say she had heard that the short sale homeowners tax exemption, scheduled to expire on December 31, 2012, had been extended. … Continue reading
Posted in 1099 taxes, Debt forgiveness, Foreclosure, Foreclosures, Form 982 tax exemption, Homeowners Exemption, Insolvency Exemption, Mortgage Debt Relief Act, Personal Residence, Principal residence, Principle reduction, Short sale, Uncategorized, Underwater
Tagged 1099 Tax, Debt Forgiveness, Distressed homeowners, foreclosure, Insolvency Exemption, Loan modification, Loan reduction, Mortgage Debt Relief Act, Principle Reduction, Short sale, short sales
1 Comment
Free Neighbors Helping Neighbors Workshop!! 9/22/12
Are you asking yourself these kinds of questions? Should I keep paying my mortgage? Can my lender come after me if I walk away from my home? What happens to my credit if I do a short sale or foreclosure? … Continue reading
Posted in Uncategorized
Leave a comment
URGENT: FHFA Announces New Fannie/Freddie Short Sale Guidelines
The Federal Housing Financial Administration (FHFA) has just announced that it will align guidelines for Fannie Mae and Freddie Mac short sales and allow lenders and servicers to quickly and more easily qualify borrowers for a short sale. Real estate … Continue reading
URGENT: New Fannie/Freddie Short Sale Guidelines Take Effect June 15, 2012
Fannie Mae and Freddie Mac have announced aggressive new guidelines applicable to short sales involving FM loans. The intention, as with most of the recent changes in federal “distressed property” programs, is to streamline the short sale process. Many experts, … Continue reading
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
Leave a comment
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
Leave a comment
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
Leave a comment