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 protecting homeowners that choose foreclosure over Short Sale. California law “protected” homeowners that chose foreclosure as an alternative if the lenders that were foreclosed on 1st and 2nd “purchase money” liens (80/20 Purchase Money Loan) whether or not if the loans we’re still held by originating lender or servicer. Court of Appeals overturned a portion of 580d…if the servicer of the 2nd lien changed hands to a new servicer or entity, then the new servicer may pursue the...
Read MoreSenate 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 fiscal cliff that would have lead Americans into a financial tizzy. As long as the House votes this in, we’re all good. Meaning? If you sell your home for less than what you owe, Short Sale, you were liable for the difference on what you owed and what was forgiven. EX: if your home is worth $200,000, but you owe $350,000, we would be taxed on the $150,000 that was essentially forgiven by your lender. $150,000 x 15% Tax rate = $22,500 tax liability Well, in 2007 President Bush made law, the...
Read More3 Government Programs That Help Distressed Homeowners
Housing Preservation Foundation The Housing Preservation Foundation has a website that provides information on the foreclosure process. Distressed homeowners can log into a 24-hour online chat session to connect with a housing counselor. The counselor can help the homeowner determine if he is eligible for any of the foreclosure prevention programs. If requested, the counselor can speak directly with the mortgage lender on behalf of the homeowner. The counselor can help him obtain a loan modification, refinance or forbearance. Foreclosure prevention services are free to distressed...
Read MoreCalifornia Program Gives Money to Homeowners in Need During Short Sale Process
California Homeowners need money for moving after a short sale try "TAP"
Read MoreBank of America Closing More Short Sales to Fulfill Legal Woes
This just broke from USA Today… BofA admits that it is fulfilling it’s obligation of Billions owed in legal penalties to the US Government and the families it damaged for its malfeasance in the collapse of the housing market. Read on… By Kris & Kim Darney 9:35PM EST November 14. 2012 - Bank of America says it has extended $15.8 billion in mortgage relief to 164,000 homeowners this year under a national settlement over foreclosure abuses and will fulfill its obligations by March. That time frame is two years faster than required under the $25 billion settlement reached...
Read MoreOur 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 Press Enterprises Award Winning Columnist, Dan Bernstein. Our client has been the victim of State wide cuts in both area of employment (works for a local school district that made massive cuts) to the actual county sponsored 2nd lien that she secured to beautify her home 9+ years back. Well, the drama begins there! Please read the bureaucracy and try to decipher….it’s a complex scenario that is pending and outcome…favorable hopefully! Many thanks to Dan Bernstein! By Kris and Kim...
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Contact Kris and Kim! Homeowners Attend Free Web-based Short Sale Workshop “How Does A Short Sale Work?”
