July 15th 2011 Senate Bill 458 was signed into effect by Governor Brown, prohibiting a deficiency after a short sale for primary residences of 1-4 units, regardless of whether the lender is in 1st, or 2nd and possibly even 3rd position. Lien holders can no longer require a borrower to owe or pay for a… Read More
Will My Mortgage Company Sue Me For A Deficiency Judgement After Foreclosure
May 27, 2011 By Leave a Comment
Search San Diego County Foreclosures & Short Sales If when you purchased your home you never refinanced you are protected under California’s anti deficiency protection because your loan is non-recourse. If you acquired a 2nd mortgage or a home equity line of credit HELOC simultaneous to when you took out the 1st mortgage it is… Read More
Does SB 931 Stop Deficiency Judgments on Short Sales in San Diego California?
May 26, 2011 By Leave a Comment
It is very simple to get a release of liability on a first lien. This includes investment properties, vacation homes, and even recourse loans such as cash out refinances. However with the passing of a new anti-deficiency law SB 931 it is now guaranteed. For all short sale closing dates beyond January 1st 2011, any… Read More
Consequences Of A Foreclosure
May 19, 2011 By Leave a Comment
You are eligible to purchase on a government loan, 3 years after the date of sheriff sale the later of the 2, sheriff sale or discharge date if the foreclosure or any past due amounts are included in a bankruptcy date home sold if short sale Please beware and make sure if you are 1-2 years out you… Read More
Short Sale In San Diego Are There Tax Consequences? Is Debt Forgiven?
February 23, 2011 By Leave a Comment
In California our state tax law requires homeowners to report debt forgiven during a short sale because it is considered income. Adding this amount to your other sources of income then will increase your tax liability. Therefore you could be required to pay more in income taxes when a short sale occurred. California Gov. Arnold… Read More
Federal Mortgage Forgiveness Debt Relief Act and Debt Cancellation In San Diego
February 23, 2011 By Leave a Comment
This is applicable to foreclosures and short sales Under the Mortgage Forgiveness Debt Relief Act of 2007, property owners do not have to report forgiven mortgage amounts as income because the amount of the loan the lender cancels isn’t subject to income tax for discharges of qualified principal residence indebtedness incurred on or after January… Read More
Equal Housing Opportunity. Equal Opportunity Employer. It is illegal to discriminate against any person because of
race, color, religion, sex, handicap, familial status, or national origin.