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Mortgage Debt Forgiveness Relief Act Extension Approved by Senate

Great news from NAR on the government approving an extension to the Mortgage Debt Forgiveness Relief Act of 2007.

The Mortgage Debt Forgiveness Relief Act protects the homeowner from taxation on their short sale of their primary residence.

Of course, California residents are protected from this type of taxation under CCP580E.

Chino Hills Housing Statistics

Chino hills California current housing statistics. Is it time to sell?

What is Probate?

What is probate?  We answer this question...

Paint Your Home! What To Consider When Choosing A Color.

While it’s a good idea to get creative, it’s usually a bad idea to pick colors that will clash with your neighbors’ exteriors. You can always stand out but try to do so in an unobtrusive way!

A Tiny House is not always cheap house…Like Short Sale is not really quick!

We have several friends that are considering downsizing.  Who really needs all that...

Suspicious?  JPMorgan CHASE Executives are Turning Up Dead

We’re not big conspiracy theorists, however, this is right out of a crime novel....

Why Do Short Sales Take So Long?

In a short sale, you need the seller’s bank to approve before you can close. Banks require dozens of pages of paperwork to evaluate whether or not to approve a short sale. Since the seller is asking the bank to accept a sale price that’s less than the mortgage amount, the bank needs to verify that a short sale is the right thing to do. Banks want to make sure the seller is indeed unable to stay in the home and can’t afford to pay off the difference between the market value and the bank’s loan amount.

Grant Deed vs. Quit Claim Deed

Transferring ownership of a property in California is accomplished via a property deed....

Californians:  IRS and CA FTB Confirm No Taxes for Short Sales Due to CCP 580E

It’s official according to the California Association of Realtors (CAR).  As...

Over 40% of all mortgages underwater…Short Sales…Foreclosure…Recovery?

  Here it is comes, 2014, just a few weeks away…can you believe it? I find...

Riverside and San Bernardino County Rank in the Top 5 Foreclosure Rates

Among the nation’s 20 largest metro areas, the highest foreclosure rates were in Miami, Tampa, Chicago, Baltimore, and Riverside-San Bernardino, California.

2.3 Million California Homeowners Are “Almost” or Completely Underwater as of July 2013

Recent numbers place California in the same state of affairs it was just 6 months back! Roughly 6.8 Million SFR mortgages of which 2.3 million are close to or are clearly underwater. A rise in interest rates could throw this number even further into the red…which, is likely to happen over the next few months…above the 5% level! :/

Housing Bubble…Short Sales…Zombie Foreclosures…2014 will be interesting!

Summer Trends Point to another housing bubble

California Short Sale Relocation Program Offers $5,000 to Complete A Short Sale

Great News for those of us in the Golden State.

“There’s Gold in them their short sales!”

Yes…State fo California through CalHFA, is offering up to $5000 to 460 homeowners in CA to complete a short sale successfully.

FHA Back to Work Lending Guidelines: Repurchase 12 Months After Short Sale

What we have been waiting for: FHA announces Re-Purchase Program 12 Months after SHORT SALE.

Eligibility Requirements:

Experienced and Economic Event… (Vague? Most homeowners have been hit with an unforeseen economic hardship)
Must Be Fully Recovered… (You’ve been employed and making money for the last 12 months and your credit reflects your recovery)
Complete HUD Housing Counseling… (Pretty simple…takes an hour or so and you receive a certificate)
Reduction of 20% of your income Due To The Economic Event… (In our experience, this is representative of 90% of the homeowners that have short sold their homes)

Shadow Inventory…Short Sales…FHA…Wow!

Take a minute or two and read this article! Make sure to pay special attention to the...

California Homeowners: Changes to Laws on Foreclosure…Short Sale is the Answer!

California Court of Appeals (4th District) overturned CCP 580d as it pertains to...

Senate Approves Fiscal Cliff and Includes Extension of the Mortgage Debt Tax Relief for Short Sales

Early this New Years morning, the Senate approved the budget to “avoid” the...

Our Riverside Short Sale Nightmare…Press Enterprise’s Dan Bernstein Helps Out!

One of our listings in Riverside County has been under the scrutiny of the Riverside...

Short Sales Preferred over Foreclosure by California Homeowners

The latest results are in… California Association of Realtors states that Short...

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