Monday, January 7, 2013

Mortgage Debt Forgivens Extended

Mortgage Forgiveness Debt Relief Act has been extended for another year. The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction) or foreclosure.  For further information and how this may impact you please contact your Accountant.


Monday, October 11, 2010

Tall One's Fat One's and Little One's. Pumpkins grown at home I mean!

Pumpkins are not created equal, when it comes to baking and carving. Check out this great site for a better understanding of what makes the pumpkin world go round. I found it informative and helpful for those of us who like to bake and cook with vegetables in season.

Its pumpkin time.

Local Pumpkin Farms:

Labels: , , ,

Thursday, October 7, 2010

Your Home Short Sales and Your Rights

Senate Bill 931 (SB 931) pertaining to California Short Sale Deficiencies was signed by the Governor on September 30th. Beginning January 1st, 2011 any first mortgages that accept a short sale will not be able to obtain a deficiency judgment against a seller after the completion of a short sale. If a lender provides written consent to a short sale on a first mortgage, the lender must accept the sales proceeds as full payment and discharge the remaining balance due on the loan. The new law will apply to all first mortgage loans secured by one to four residential units, including purchase money, hard money and refinanced loans. The new law does not prevent the lender from seeking damages for fraud or waste by the borrower. The legislative counsel's summary of the bill follows: "This bill would prohibit a deficiency judgment under a note secured by a first deed of trust or first mortgage for a dwelling of not more than 4 units in any case in which the (owner) sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the first deed of trust or first mortgage. The bill would provide that written consent of the holder of the first deed of trust or first mortgage to that sale shall obligate that holder to accept the sale proceeds as full payment and to fully discharge the remaining amount of the indebtedness on the first deed of trust or first mortgage. " The new law only applies to mortgages in the first lien position. It is still very important for any borrowers with a second lien to get in writing that any future deficiency rights are waived. While many attorneys believe that if a second mortgage is purchase money, that the seller will be protected under the non-recourse laws, there has not been any definitive case law to reflect this.

Confirm this and other matters with your attorney.


Tuesday, October 5, 2010

What we need now are "JOBS" here at home

This was a great article. More Jobs Needed to Spur Home Sales.

Monday, July 12, 2010

Save with Solar at Home

Measure the power of the sun and the savings. This tool will help you understand why Solar! Watch your meter run backwards. Not only will you save money. Solar will help save the planet. Government funds can help pay for the project. Looking to buy a new home with solar panels as a standard feature?? Visit my homes coming soon section. There you will find 2 new homes built by Kirk Enterprises with solar as a standard feature here in Gilroy. Questions Call me 408-718-4128. Measure your savings with Solar.

Thursday, July 1, 2010

Homebuyers Tax Credit Deadline Extended

From: Vicki Cox Golder, 2010 NAR President

Date: July 1, 2010

Re: NAR Update: Tax Credit Deadline Extended; Flood Insurance Program Reinstated

Dear fellow REALTOR®,

I am happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and homebuyers, and NAR worked closely with members of Congress to make it happen.

The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.

Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts.

Thursday, June 17, 2010

Senate OK"s New Tax Credit Closing Deadline

Senate OKs new tax credit closing deadline

The Senate has amended a bill to give home buyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal home buyer tax credit.

Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 home buyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.