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...
Folsom Short Sale Agent Answers: Who Owns My Loan? Fannie Mae or Freddie Mac?
Who owns your loan Fannie Mae or Freddie Mac? How do I find out who owns my loan? As a Sacramento Short Sale Specialist and a Multi-Certified Short Sale Negotiator, there are several tools we use nearly every day here as Folsom short sale Specialists at The Sacramento Short Sale Center, in our research of the mortgages in the short sale files we are negotiating. One example are the easy quick links that Fannie Mae and Freddie Mac have provided for homeowners to look and see if they are tho owners of their note, or are the "investor". Loan modification and short sale guidelines and policies are very, very investor and servicer specific, so it is a very good idea to know who...
Newest California Foreclosure Timeline
[caption id="attachment_5235" align="aligncenter" width="480" caption="Newest California Foreclosure Timeline Graph"][/caption] Sacramento Short Sale Specialist and Certified Foreclosure Options Specialist Forth Hoyt Answers The Most Common Questions About Foreclosure Time Lines In California- How much time do I have in my home? Am I in Foreclosure? What is the foreclosure process time line? How long till the bank forecloses? How long does it take the bank to foreclose? What is the foreclosure process and how much time does foreclosure take? What is California's newest foreclosure timeline? I talk to people all day long who have the same questions... these have been a source of many of my posts here... The answer is: it depends; nearly every homeowners experience is different... I personally know people who were foreclosed on in less than eight...
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...
Certified Sacramento Short Sale Specialist Successful In Natomas
[caption id="" align="aligncenter" width="300" caption="Natomas Condo Wells Fargo Short Sale Successfully Closed"][/caption] Another Natomas Condo Short Sale! Sacramento Short Sale Specialist Successful Again In Natomas! As a Certified Sacramento Short Sale Specialist, I get calls constantly from homeowners in Natomas 95834 who are upside down and looking for options . Because many Natomas Builders used Wells Fargo to finance their new construction homes during the building boom, Wells Fargo is many times their bank. The Wells Fargo Short Sale Dept. has recently implemented many brand new short sale systems and procedures that will surely help Natomas Short Sales. Wells Fargo short sales are becoming easier and easier to close. They have become one of me and my team's favorite lenders to work with. As...
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...
Folsom Short Sale Information Presented By Folsom Certified HAFA Short Sale Specialist
[caption id="" align="alignnone" width="600" caption="Folsom Short Sale Help And Information... Successful Short Sales in Folsom Are Increasing!"][/caption] Sacramento Short Sale Specialist and Folsom Certified Short Sale Agent Forth Hoyt reports the Folsom Short Sale Market for March 2011. This Folsom Short Sale Information presented by Folsom Certified HAFA Short Sale Specialist. Short Sales have been a major part of our active inventory here in Folsom for some time now. Finally, Short Sales are becoming a significant part of our closings. Successful short sales in Folsom and subsequent Folsom Short Sale closings have increased to become just under 30% of our closed sales. As a Folsom Short Sale Specialist and Folsom Certified Short Sale Negotiator, I negotiate with the bank in order to get...
What Documents Are Required For A Short Sale? The “Killer” Short Sale File
[caption id="attachment_4876" align="aligncenter" width="212" caption="A Great Short Sale Package Is The Beginning To A Successful Short Sale"][/caption] Investigating a Short Sale? Contact us Today At Forth Hoyt’s Sacramento Short Sale Center What documents go in a short sale package? Folsom Certified Short Sale Specialist and Certified Short Sale Negotiator Forth Hoyt talks about the benefits of putting together a "killer" short sale file. A well organized, complete, well thought out, strategically orchestrated, professional looking short sale package allows the bank or servicers short sale negotiator to have everything they need to to begin the process of negotiating your short sale with the investor (the owner of your note). Organized, concise, indexed and complete, a killer short sale file sets your file apart from...
California’s New Short Sale Recourse Law and California Anti Deficiency Law History
[caption id="attachment_4294" align="aligncenter" width="231"] The Original Anti Recourse Laws For First Mortgages Were Written During The Great Depression[/caption] Sacramento Short Sale Specialist, Expert Short Sale Negotiator and Multi-Certified Folsom Short Sale Agent Forth Hoyt reports: The history of California Short Sale Recourse Law, California anti deficiency law and mortgage debt relief law in California. Starting January 1, 2011: No Recourse on Short Sales that have been approved by a first mortgage holder. PERIOD! During the great depression, California had to deal with a huge percentage of homes going into foreclosure. Legislature in California was passed and laws were written to protect homeowners from recourse, after foreclosure. Back then, most mortgages were never refinanced (very short terms) and there weren't many short sales. So the...
Recourse After A Short Sale?
Short Sales Will be Effected By SB931 Can the bank come after you for the difference after a short sale? What are recourse rules in California? Sacramento Short Sales will surely increase and become more streamlined when SB931 goes into effect in January- why? Less to fight about! All First mortgages, whether owner occupied, refinanced, -whatever-, will automatically become non recourse for short sales in California. As a Sacramento Short Sale Specialist, and a certified short sale expert, I usually talk to several people each day who have questions about recourse, deficiency judgments, and the downfall or risk of a short sale. Please understand I am not a lawyer, I cannot give legal advice. But I have been present during many consultations...
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