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 October 4th, the Senate passed this legislation on Friday, December 14th, allowing Senate Finance Committee Chairman Max Baucus to crow a bit about helping the U.S. homeowner dealing with foreclosure or a short sale.
Citi to California Home Buyers: Just Say No
Times, they are a changin’ in the California mortgage business.
Last week we had Bank of America notify 7,000 mortgage brokers that their services will no longer be needed after New Years Eve, only to have Citi take it one step further on Halloween and tell California home buyers, "Thanks, but no thanks".
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 San Diego County, by allowing the Assessor’s Office to temporarily reduce the assessed value of a property that was damaged or destroyed through no fault of the property owner. This relief is available to owners of real estate, business equipment and fixtures, and to owners of boats and aircraft. This program requires reassessment of the property to reflect its damaged condition, and the subsequent reduction or partial refund of the current year’s taxes.
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 commitment to focus on direct-to-consumer lending through its banking centers and loan officers, said Floyd Robinson, Bank of America’s president of consumer real estate and insurance services. “While we are extremely proud of our strong track record in the wholesale business, we believe our long-term opportunity lies in maximizing our more competitive retail channels.”
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 to purchase real estate that is used as a primary residence. This debt forgiveness due to a short sale or foreclosure would not be subject to taxation as earned income. The bill now goes to the Senate.
The bill saw a few modifications from it’s original version approved by the House Ways and Means Committee.
UPDATE: 12/14/2007 - Senate passes H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007.
UPDATE: President Bush signs The Mortgage Forgiveness Debt Relief Act of 2007.
Overview of debt forgiveness portion of bill: Short Sale and Phantom Tax Debt Relief Overview
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.
Short Sale Tax Relief Introduced in Congress
Rep. Charles "Charlie" Rangel , Democrat from New York and Chairman of the House Ways and Means Committee, today introduced H.R. 3648 to amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.
Congress Looking To Change Short Sale Tax Implications
The Bush White House endorsed two new bipartisan bills aimed at eliminating the 1099C lenders are required by law to issue to sellers who "benefit" from debt relief realized with a short sale. The current tax code treats this debt relief as earned income. With the proposed legislative changes to the tax code, sellers would be off the hook for this increased tax burden.
Rental Scams in Pacific Beach, Ocean Beach and Mission Beach
An old scam has raised it’s ugly head again in the ever popular La Jolla, Pacific Beach, Mission Beach and Ocean Beach rental markets.
The target: unwary renters.
The bait: vacant property advertised on craigslist, usually at below market rates that generate a lot of interest.
Where the Surf Meets the Turf - For $35 Million
While the fourth parcel of the $50 million Del Mar beach front estate of San Diego money manager Arthur Nicholas closed escrow on May 30 as expected, the name of the buyer caught some by surprise.
