Great News from California Association of Realtors NO MORE STATE TAX ON FORGIVEN DEBT Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns Californ
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04/14/2010
March 25- CA. Govenor just signed a $200M bill to credit first time homebuyers 5% or $10,000 on purchases of new or used homes. Cotracts must be signed May 1 through Dec. 31 2010 and escrow must close by August 2011. The credit will be split over 3 years and the buyer must live in the home for 2
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03/25/2010
Just in case you have a short sale file with GMAC that was being handled by the Philadelphia office and you hadn't heard... That office was closed, probably over the weekend because that is when I lost track of my loss mitigator. All files have been transfered to the Dallas office and you have to
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03/24/2010
Just in case you haven't heard.. Chase is selling pretty much ALL their second mortgages to a credit collection agency. Well, actually that is what they WANT you to think. What I have reason to believe is that Chase created a new (strong) arm of their company called Regency Collections and handed
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03/18/2010
And on a lighter note, a St. Pat's Day blessing to you! An Irish Prayer May God give you...For every storm, a rainbow,For every tear, a smile,For every care, a promise,And a blessing in each trial.For every problem life sends,A faithful friend to share,For every sigh, a sweet song,And an answer f
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03/17/2010
California Association of REALTORS; CAR has notified REALTORS of tactics that some lenders are using to extort 'additional' payments outside of escrow in order to release liens and approve short sales. I received this email today: UNDISCLOSED SHORT SALE PAYMENTS MAY BE ILLEGAL Undisclosed payment
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03/16/2010
I'm just reading an article by the New York Times about a government program to "Pay Homeowners to Sell at a Loss" if they 'haven't been rescued" by a loan modification. Are you kidding me? Does this reporter actually think that the benefit of this program is to pay the homeowner to do a short sa
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03/11/2010
The question that comes to my mind these days is When does a lender qualify as doing illegal dealings in this mortgage crisis debacle? I see outrageous things that make you go hummm.... Take the foreclosed upon house for instance. I pull title and see that say RESMAE Mortgage Corp owned the $2
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03/04/2010
I have been worrying about the fact that FHA is the "new" creative mortgage for today's buyers. Although the loans are not near as creative as the old teaser rate loans and liar loans, I did have cause for concern- and now the government seems to be letting on that there may be a problem. FHA's r
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02/25/2010
The question that comes to my mind these days is When does a lender qualify as doing illegal dealings in this mortgage crisis debacle? I see outrageous things that make you go hummm.... Take the foreclosed upon house for instance. I pull title and see that say RESMAE Mortgage Corp owned the $2
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02/22/2010
