Archive for the 'California Foreclosure Law' Category
Short Sale Seller’s Tax Break Ends 2013
[caption id="attachment_5993" align="aligncenter" width="262"] When Does the Mortgage Debt Relief Act end? Will I owe taxes on my short sale?Mortgage Debt Relief Act 2007 sunsets soon.[/caption] Is there Tax due after a short sale? Mortgage Debt Tax Relief To Sunset? When does the Short Sale Seller's Tax Break End? Troubled Sacramento homeowners who's short sale closes after Dec.31, 2013 will still get a break from their mortgage lenders, but could face a hefty tax bill next year after key provision that expires at the end of the year. Homeowners who live in California states, like California, where mortgages are non-recourse—that is, where they aren’t personally liable for the unpaid balance—may avoid the potential tax hit even if Congress doesn’t act, according to a letter sent by the...
Homeowner Bill of Rights Contains Significant Mortgage And Foreclosure Reforms
[caption id="attachment_5878" align="aligncenter" width="350" caption="Gov. Jerry Brown signs the Homeowner Bill of Rights"][/caption] On July 11, 2012, California Governor Jerry Brown signed the California Homeowner Bill of Rights into law. The law goes into effect on January 1, 2013. The Homeowner Bill of Rights is actually a series or package of bills designed to protect homeowners and communities. The California Homeowner Bill of Rights is designed to bring fairness, accountability and transparency to the California's mortgage and foreclosure process. The bill marks the third step in Attorney General Kamala D. Harris’ response to the state’s foreclosure and mortgage crisis. Her first step was to create the Mortgage Fraud Strike Force, which has been investigating and prosecuting misconduct at all stages of the mortgage process....
California Short Sale Tax – What are the California Short Sale Tax Rules?
[caption id="attachment_19183" align="aligncenter" width="300"] Phantom Income From a Short Sale... - Is it Taxable in California?[/caption] Sacramento Short Sale Specialist Reports: I used to hear it all the time, now most people know that the amount written off by the bank is actually income! The IRS/California franchise tax may tax you on the amount of the forgiven debt! "How could I owe taxes on a short sale?" So I may owe taxes on on a short sale? Taxes on what? I didn't make any money! What are the California Short Sale Tax laws? Short Sales and Cancellation of Debt The IRS and State of California may tax you on the amount of the forgiven debt. (Forgiven debt through foreclosure, with a loan mod or Short Sale.) Questions on...
Newest Foreclosure Law in California- California Homeowner Bill Of Rights Information
[caption id="attachment_5722" align="aligncenter" width="455" caption="Assembly Bill 278 and SB900 become California's newest foreclosure law"][/caption] The bill, introduced by Attorney General Kamala Harris and championed by homeowners and consumer advocates, was signed by the governor the other day. Does this mean no more Short Sales going to foreclosure at the 11th hour? Is it possible this could stop lenders and servicers from running foreclosures and short sales simultaneously, with no communication between departments? Only time will tell, but Sacramento Short Sale Agents like me are hoping! “The California Homeowner Bill of Rights will give struggling homeowners a fighting shot to keep their home,” said California Attorney General Kamala D. Harris. “This legislation will make the mortgage and foreclosure process more fair and transparent, which will benefit...
Certified Short Sale Negotiator Explains Deed Of Trust VS Mortgage
[caption id="attachment_5521" align="aligncenter" width="571" caption="California Deed Of Trust California Deed Of Trust State - Explanation"][/caption] As a Sacramento Short Sale Expert and Certified Short Sale Negotiator, I have grown to love this Real Estate market and running a successful Short Sale Business. One of the most enjoyable things about my business is working with and teaching homeowners and home buyers on the market and the housing economy. I'm constantly educating sellers and buyers how California's Deed of Trust works: Deed Of Trust VS Mortgage; Mortgage vs. Deed of Trust: There are two basic documents that can be used to establish the security for the loan: a mortgage or deed of trust. Most states require a mortgage but in California, we use a deed...
Can My Second Loan Sue Me? Whats The New Law In California Regarding Short Sales?
[caption id="attachment_5824" align="aligncenter" width="287" caption="California FRecourse Law Signed"][/caption] What Happens To Second Mortgage on a Short Sale? Can My Second Mortgage Come After Me After I Do A Short Sale? Will My Second Loan Try To Collect? Can My Lender Sue ME? Will I have To Pay My Lenders Back After A Short Sale? What Is The New Short Sale Deficiency law In California? How Can I Find The Best Short Sale Agent? What Is The New Law Regarding Short Sales In California? After a foreclosure... Second Mortgage Recourse in California As a Sacramento Short Sale Specialist, Multi-Certified Short Sale Negotiator and Experienced Short Sale Agent, I must stay abreast of the continuous changes in California Foreclosure Law . I spend a large part of my...
New Anti Recourse Law SB 458 Extends Short Sale Anti-Recourse Protections of SB 931 to all Junior Mortgages
Will I have To Pay My Lenders Back After A Short Sale? Report: Solving Your Mortgage Crisis Just Got Easier Here's a Video explaining California's new law from "The Short Sale Genius!" Forth Hoyt, Sacramento Certified Short Sale Specialist and Expert Short Sale Negotiator reports that California Law Now Stops Short Sale Recourse on second mortgages- Including All Claimants- Mortgage Insurance included! Another Milestone in California Short Sale Deficiency Law- Let's back up and give a little foundational info: Civil Code Of Procedure 580(e), which originated as SB931, protects homeowners from any recourse or deficiency action from first mortgages in California. It was a huge deal and I wrote about it here: California’s New Short Sale Recourse Law and California Anti Deficiency Law History You see,on January...
California Anti Recourse Bill For First AND Second Mortgages 580e
Sacramento Short Sale Specialist And Certified Short Sale Expert Forth Hoyt Reports: California's Newest Anti-Recourse law: Civil Code Of Procedure 580(e) extends protection from collections to ALL Mortgages, even junior liens, or "seconds". The newest California Short Sale Anti Recourse Legislation, introduced by Senate Majority Leader Ellen M. Corbett (D-San Leandro) . This bill would provide that a loan used to pay all or part of the purchase price of real property or an estate for years includes a subsequent loan, mortgage, or deed of trust that refinances or modifies the original loan... No matter if homes have been refinanced or not, all proceeds from short sales will be considered payment in full. The bill would prevent holders of second mortgages from pursuing...
CAR Short Sale Addendum Form Reminds Us Short Sale Is Often Times Long sale!
Here's a Great article by Bob Hunt from Realty Times There is a sense in which the term short sale is a bit of a misnomer. That is because short sales often take a very long time. This is just one of the things that principals and their agents need to be aware of if they are intending to be involved in a short sale -- i.e. a sale in which the proceeds will be less than the balance owed on the mortgage loan(s). Recently, the California Association of Realtors® (CAR) published a Short Sale Addendum (SSA) that may be used with an offer or counter offer in a short sale situation. The addendum is...
California Notice Of Default- The Beginning of the California Foreclosure Process
[caption id="attachment_19176" align="aligncenter" width="572"] CALIFORNIA FORECLOSURE TIMELINE STARTS WITH NOTICE OF DEFAULT[/caption] WHAT IS A NOTICE OF DEFAULT? WHEN DO THE BANKS SEND THEM? WHAT DO THEY MEAN? WHO CAN HELP ME? The Notice of Default, filed with the County Recorder's office, is the beginning of non-judicial foreclosure process in California: Once the Notice of Default is recorded, the foreclosure time frame begins. This is technically the foreclosure starting point, and the beginning of the legal length of time to foreclose in California. California foreclosure law says that within 10 business days after recording, a copy of the recorded Notice of Default is sent by certified and regular mail to the borrowers at any addresses provided and any recorded special requests. After no more...
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