HR 5830: The FHA Housing Stabilization & Homeownership Retention Act

On April 17, 2008, Rep. Barney Frank introduced in the House a bill that would enable the FHA to refinance home loans at 90% of current market value with the goal of keeping more home owners in their homes. I will track this bill through the House and Senate as ...

Short Sale and Phantom Tax Debt Relief Overview

 

Lots of questions have arisen from people since President Bush signed into law the Mortgage Forgiveness Debt Relief Act of 2007, whereby in certain circumstances, a homeowner does not have to pay federal income tax on debt forgiven on a loan secured by a qualified principal residence via a short ...

Bush Signs Mortgage Debt Forgiveness Act

 

With a stroke of the pen, President Bush signed into law H.R. 3648, The Mortgage Debt Relief Act of 2007, and dramatically changed the lives of homeowners across the country who are facing foreclosure, considering a short sale, negotiating a loan workout, or have done any of these since ...

Mortgage Debt Forgiveness Passed by Senate

 

UPDATE: President Bush signs HR 3648, The Mortgage Forgiveness Debt Relief Act of 2007.

It took them close to two and half months, but the U.S. Senate finally got around to passing H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007. Initially sent to the Senate on ...

California Tax Refunds For Fire Victims

Immediate tax relief in the form of tax refunds is available to victims of the wildfires in the seven Southern California Counties of San Diego, Santa Barbara, Ventura, Los Angeles, San Bernardino, Orange, and Riverside, The Franchise Tax Board (FTB) announced.

One of the relief measures put forth by the ...

Property Tax Relief For San Diego Fire Victims

Many San Diego County property owners who suffered damage from the fires that ravaged the County are eligible for property tax relief.  

California law, Revenue & Taxation Code Section 170, provides property tax relief for taxpayers whose property was damaged or destroyed as a result of the wild fires that engulfed ...

Bank of America To Cut Off Mortgage Brokers

Ken Lewis, CEO of Bank of America, the nation’s second-largest bank, announced on Friday that it will shut down its consumer real estate division and its wholesale lending unit, which offers residential mortgages through over 7,000 independent brokers, at the end of the year.  

The move signals a ...

House Passes Mortgage Forgiveness Debt Relief

 

Many San Diego homeowners considering a short sale or facing foreclosure got a bit of good news today with the U.S. House of Representatives passing H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007. The bill addresses the forgiveness of acquisition debt, which is that debt used ...

Mortgage Forgiveness Debt Relief On The Fast Track

 

Someone lit a fire under Rep. Charles "Charlie" Rangel, which is good news for the San Diego real estate market in general, and many homeowners trying to determine the lesser of two evils, foreclosure or a short sale and the tax liability which goes with it.

Earlier today, the House ...

Short Sale Overview Short-circuited by Realtor Trade Group

The other day I wrote a post about a short sale as a viable solution. The subject has been bandied about as an alternate solution for a homeowner who may be faced with losing the home to foreclosure. It has become the agent listing tool de jour. However, it is ...