SB 401…More News…Great Relief for Tax Payers and Short Sales
Check this out…according to Sacremento Bee (april 9, 2010)…The Governator is going to sign SB 401 as soon as this week. SB 401 is “lock step” in line with IRS Mortgage Debt Relief Act of 2007 forgiving any tax liabilities afforded Californians that took advantage of a Short Sale in 2009. Who is affected: Those who Short Sold or will Short Sale their homes from 2009 to 2012. What Do You Have to Do to Participate?: According to the Sacramento Bee…Nothing!If you qualify for the IRS Mortgage Debt Relief Act…then you qualify for SB 401. What Californians...
Read MoreCheck This Out…Daily Bulletin Highlights Short Sales, HAFA and Kris & Kim Darney
Real estate specialist Kris Darney on Thursday walks through a Rancho Cucamonga home whose owners are hoping it will be purchased in a short sale instead of being lost to foreclosure. (Mediha Fejzagic DiMartino/Staff Photographer) Read more:http://www.dailybulletin.com/news/ci_14814460#ixzz0k9pQ41gK Feds aim to ease pain New U.S. program to start Monday Sandra Emerson, Staff Writer Created: 04/03/2010 07:08:53 AM PDT Short sales have become more appealing to homeowners who are underwater on their mortgage and are looking to get out without going into foreclosure. But the time it takes to...
Read MoreWe received This Email from Wells Fargo…They Want To Sell Short Sales!
April 2010 The spring selling season is upon us and opportunities abound to boost the housing market and get it on a positive track. We have the advantages of low interest rates, affordable housing stock and the homebuyer tax credits that expire within just a few weeks. We also have an ever-growing supply of short sale inventory – and the sooner those houses can be sold, the better for all involved. Wells Fargo is ready to help. April 30 is quickly approaching The homebuyer tax credits have been pivotal in helping move inventory. At this time, it appears that the...
Read MoreGoverner Schwarzenegger Supports Short Sales…Will Sign CA SB 401 to Relieve State Tax Penalties
California SB 401is on its way to The Governator’s office for a signature…according to his staff. This law protects California Home Owners against taxation on presumed “gains” from Short Sales. What do we mean by this? Homeowners that sold their homes via Short Sale may or will receive a 1099c at years end. Why? The difference between what was owed to your lender and what it was sold for is taxable! Example: Mortgage Amount of $500,000. You Short Sale for $300,000. You may/will receive a 1099c at years end showing a $200,000 gain in income! This 1099c is...
Read MoreShort Sale Questions…Kris & Kim Darney Answer What's HAFA
Kris and Kim Darney answer most frequently asked questions from homeowners that are considering a Short Sale. As of 2009 more than 11.3 million residential properties fell into negative equity. That equals 24% of all homes in America with a mortgage. Consider walking outside of your front door, and realizing that 1 in 7 of your neighbors are in jeopardy of foreclosure. Questions regarding tax ramifications are high on the list. We’re not CPA’s, but do understand the mortgage debt relief act that President Bush put in place in 2007 that works with the IRS to eliminate any Capital Gains...
Read MoreMore on HAFA…Kris & Kim Darney Talk About Benefits to Home Owners Doing Short Sales
Kris and Kim Darney highlight HAFA….Home Affordable Foreclosure Alternative rolled out April 5th by our Treasury Department as an extension of HAMP….Home Affordable Modification Program. Some of the highlights of HAFA include an incentive of up to $3000 for relocation costs that is paid to the home seller at close of escrow with a successful short sale. Non recourse settlements are also a huge benefit to the homeowner under the new program. If you are looking for alternatives to foreclosure, a short sale may be the answer. We will schedule a discreet confidential meeting with you to...
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Attention Agents: Learn how to Short Sell, Rent and Buy Back for your Listings.
