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 expected, the announcement earlier this month from the IRS courtesy of CAR and Senator Barbara Boxer, the IRS will consider any short sale taxable shortages (1099) for California homeowners...
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 myself wondering what 2014 will bring? With recent numbers released by housing forecasters of over 40% of homeowners with mortgages being underwater I have to ask what is really going...
Do you have a mortgage with Chase Bank? May want to Short Sale Soon
If you have a mortgage thats underwater and Chase holds the note, be on the look out for the loan to be sold to Ocwen or another servicer. November 1st is the date slotted for Chase to unload....so....if you are late on payments there is a very good chance the...
Breaking news: California Short Sales are Not Subject to IRS Tax Deficiencies
California Association of realtors and California Senator Barbara Boxer received a letter from the IRS that clearly spell out the due to California's protective laws for distressed homeowners, that the Internal Revenue Service will not pursue tax deficiencies on short...
Housing Starts Up-But For Multi Family Units…Foreclosed Homeowners Need Housing
What Homeowners Want to Hear About Foreclosure From President Obama
An "A" for Russian Billionaire Andrey Melnichenko…and A Buying Some Strand in Venice, CA?
It appears that Fertilizer King, Melnichenko had his colossal yacht "A" parked off the LA Coastline with many rumors that he was buying up the zany Venice Beach Boardwalk. "A" is reported to be 394' in length...imagine, 1 and 1/3 football fields long and a cost of...
Housing Double Dip…More Foreclosures…Short Sales…President Obama
I'm not sure if it's politics alone or the politics of economic prediction, but I'm seeing an awful lot of "revised" housing expectations as we head into fall. Just this week Fannie Mae put out its "Economics and Mortgage Market Analysis" for September. Chief...
Home Foreclosures…Is the Worst Yet To Come?
Our Most Frequently Asked Question: "What is a Short Sale?"
What is a short sale: A Real Estate short sale occurs when the homeowner sells the house for less money than is owed on the mortgage. In order to conduct a short sale, the seller needs the permission of their lender. The shortfall between the sale price and the value...
Chelsea Clinton Wedding and Astor Court = Dropped Asking Price
"Ex-President Clinton's daughter got married here" just doesn't have the cachet of "Washington slept here." A real estate broker who upped the price of historic Astor Courts in Rhinebeck by $1 million after Chelsea Clinton held her wedding there has now cut the price...
H.R. 6133 – Prompt Decision for Qualification of Short Sale Act of 2010
This is breaking news from REO Insider...and great news at that...It appears that we will see some greater support in the form of actual Short Sale Laws from our government...Limiting the time a bank can respond to a short sale request from it's borrowers... Rep....
Notice Of Defaults Delayed As Banks Deal With Foreclosures
I'm sure you've all seen the headlines from RealtyTrac today that show a new record for bank repossessions. In some of the news reports today, I've also heard TV anchors make mention of some bright news in the report, that Notices of Defaults (NOD's) are down 30...
NAR Report and CoreLogics Index Show Home Price Declines are Just Beginning; More Short Sales!
Check this out... National Association of Realtor's (NAR) Report: Residential Home Sales Down 27+% Sales at lowest level since 1999 Housing Inventory went up 2.5% 12.5 Months of Housing Inventory...just below record numbers of 12.9 Months CoreLogic Report: 36 States...