Yesterday Congress finally reached a settlement in the fiscal cliff negotiations. The good news is that the Mortgage Forgiveness Debt Relief Act has been extended through 2013. This means that the exemption from taxation for mortgage debt that is forgiven when homeowners negotiate a short sale, loan modification (including any principal reduction) or foreclosure will […]
Posts Categorized: Short Sales
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation Expiring in December 2012 Extension Expected
There was been much speculation regarding the extension of the tax relief for Central Valley distressed homeowners beyond the December 31st expiration date. Everything I read indicates that an extension is expected but given the turmoil in D.C. no one knows for sure. I discussed the situation with my accountant and he pointed out that […]
Are Banks Dumping Short Sales For Less Lucrative Foreclosures?
Are banks purposely rejecting short sales in favor of less profitable foreclosures? Maybe so, but why? Some say it may be for reasons such as avoiding fraud or favorable accounting rules allowing banks to foreclose on a home without having to write down a loss until that home is sold as opposed marking the loss […]
Home Sales Up in US but Down in CA – Lenders Partially to Blame
National home sales were up 10% this September according to the National Association of Realtors. Some factors contributing to this growth are low mortgage rates and high affordability, home prices are averaging 22% less of where they were five years ago. Affordability has been influenced by the weakness in home buying activity. September’s home sales […]
Foreclosures – Suspended or Expedited? Depends on Who You Ask
On October 7, 2010, Barack Obama rejected the Interstate Recognition of Notarizations Act, which would require courts to accept documents that have been notarized in another state. Many are calling for a moratorium on foreclosures, stating banks have reclaimed homes on fraudulent documentation. Just last week, Bank of America, JPMorgan Chase and GMAC announced they […]
New California Short Sale Deficiency Law
As of January 1, 2011, the first position lender will not be permitted to obtain a deficiency judgment against the seller after a short sale. The short sale approval letter and acceptance of the funds will constitute payment in full and discharge of the deficiency. However, these new changes will not apply to refinanced loans. […]
Understanding Deficiency Clauses
Recently a seller let an approved short sale go to foreclosure over a deficiency clause. This is a situation where everybody loses, the seller, the buyer, their agents, the servicers and the lenders all who spend their time and money to negotiate the approval. All wasted over two little sentences. “BAC Home Loans Servicing, LP […]
California DRE Reports Increased Mortgage Fraud
Download now or preview on posterous 09 13 10.pdf (17 KB) The California Department of Real Estate and the Department of Financial Institutions are warning about increased reports of short-sale mortgage fraud activity. Some of the fraud related activity includes short-sale negotiators requiring buyers to pay their fee, fees being paid outside of escrow and […]
Legal Chart Quick Reference for California Deficiency Judgments
Download now or preview on posterous California Deficiency Judgements.pdf (55 KB) The attached document provides a quick reference to assist distressed sellers in determining if a lender would have the right to collect on a deficiency resulting from foreclosure in the State of California. It is intended only for reference. I recommend strongly that a […]
Lathrop, CA, Lathrop Home for Sale & Lathrop Real Estate, 15928 Covered Bridge Way, Lathrop, CA 95330.
Download now or watch on posterous 15928 Covered Bridge Way_ Lathrop_CA_ 95330.mp4 (8875 KB) For information on this and all the Lathrop homes for sale visit www.Homes-In-Stockton.com! Hurry this will not last long!!! A very beautiful home in the City of Lathrop, easy commute off of I-5, kitchen is upgraded with granite counters and stainless […]
Could This Be The End of Short Sales?
Download now or preview on posterous 08 11 10.pdf (71 KB) Keep your eyes on the news August 17th when the Treasury will be holding a hearing regarding the future plans for Fannie Mae and Freddie Mac. It is rumored that the Obama administration is about to order the government-controlled lenders to forgive a portion […]
The Impact of HR 5872 & 5891 on the Stockton Real Estate Market
Download now or preview on posterous 08 10 10.pdf (9 KB) HR 5872, which passed the House of Representatives last week, increases FHA’s commitment authority for its multifamily insurance programs by $5 billion for the remainder of the fiscal year. While HR 5891, which passed the House of Representatives July 30, will permit FHA to […]
A Glimmer of Hope
Download now or preview on posterous 08 03 10.pdf (23 KB) According to a recent report on CNBC, Stockton’s luck may be changing. More properties that would have previously been lost to foreclosure are instead becoming short sales. According to the report, San Joaquin County foreclosures have fallen from 85 to 68 percent and defaults […]
GREAT Stockton Short Sale Homes for Sale in the 95219 Zip Code
The following Stockton Short Sales are available in the 95219 zip code. Call 209-471-6516 for a private showing and visit Homes-In-Stockton.com for details! Address List Price 3219 Mill Springs Dr Stockton, CA 95219 $ 105,000 3602 Stone River Cir Stockton, CA 95219 $ 120,000 7023 Germanna Ct Stockton, CA 95219 $ 125,000 3283 Amberfield Cir […]
Lodi, CA, Short Sale, Lodi Home for Sale & Lodi Real Estate, 927 Comanche Way, Lodi, CA, 95240
Download now or watch on posterous 927 Comanche Way_Lodi_ CA_95240.mp4 (4991 KB) For information on this and all the Lodi homes for sale visit www.Homes-In-Stockton.com! Great 3 bedroom, 2 bath Short Sale home located in Lodi. Well cared for home features dual pane windows, large backyard, covered patio and 2-car garage. Perfect starter home or […]