Federal Tax Relief for Short Sales & Foreclosures signed by the President (H.R. 3648)

After reading my post “Taxing Short Sales and Foreclosures,” few homeowners in San Jose selling their homes as short sales viewed that as a sight of relief because most had either refinanced their homes or purchased their homes with no money down.

At the time I published that post, there were bills that had been introduced but nothing had passed yet. However, yesterday the “Mortgage Forgiveness Debt Relief Act of 2007 H.R. 3648” bill passed by both chambers of Congress and was signed by President Bush.

[UPDATE Oct 3, 2008: Emergency Economic Stabilization Act of 2008 H.R. 1424 extends tax relief through calendar year 2012 - more information below]

Before this bill, when a troubled borrower lived in a home worth less than the actual balance of the current mortgage(s) and Read more

December 21st, 2007 · Filed Under Foreclosure-Short Sale Information, Loan Modifications

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FHA Modernization Act of 2007 passed by the Senate

Today’s news is that the Senate passed the FHA Modernization Act of 2007. Now, this bill will be debated in Congress then review by President Bush for approval.

FHA was created during the Depression to stimulate the housing market at the time when homeownership simply wasn’t a reality for most people, today it looks to aid homeowners who have fallen victims to the subprime crisis.

The FHA Modernization Act of 2007 would: Read more

December 14th, 2007 · Filed Under Mortgage - Loan Information

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Mortgage Rate Freeze Looks to Aid SOME Struggling Homeowners

Gov. Arnold Schwarzenegger announced on Tuesday November 20, 2007 a deal with four major subprime lenders Countrywide, GMAC, Litton and HomeEq. A deal that would freeze adjustable interest rates for California homeowners struggling with ARMs resetting to higher mortgage payments.

And today the Bush administration announced Read more

December 6th, 2007 · Filed Under Foreclosure-Short Sale Information, Mortgage - Loan Information

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Professional Real Estate Agent or Professional Photographer?

Yesterday while I was looking up some comparables on the MLS in San Jose for a client, I got to thinking how awful are some of the pictures found on the MLS.

Now, don’t get me wrong…I am not a professional photographer or an aspiring one like the ones on “The Shot,” the reality show on VH1. However, I can assure you that “a picture is worth a thousand words,” specially in real estate.

If you happen to recognize one of these Read more

December 6th, 2007 · Filed Under Interesting Real Estate blogs

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