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Short sale tax break on verge of being extended until 2017

    Short sale tax break on verge of being extended until 2017 Homeowners who had short sales in 2015 are about to get big break on their taxes, thanks for a massive federal spending bill that’s about to be signed into law by President Obama. The Mortgage Debt Forgiveness Act was set to expire […]

FHFA keeps Fannie Mae and Freddie Mac conforming loan limits

2015 Conforming Mortgage Loan Limits For Loans Via Fannie Mae And Freddie Mac 2015 LOAN LIMITS: 10TH YEAR AT $417,000 2015 conforming loan limits are set at $417,000 for a single-family home, which is the same as the prior-year levels, dating back to 2006. Leaving mortgage loan limits unchanged helps existing U.S. homeowners to refinance; and gives […]

New Rules Could Help Distressed Homeowners

Some distressed homeowners will find it easier to get federal money to pay their mortgages from the state’s Keep Your Home California program under new rules that take effect Monday. The program has been criticized for not spending more of the $2 billion it got in 2010 from the U.S. Treasury Department to help struggling homeowners. As of Sept. […]

New short-sale program offers relief for underwater homeowners

Senate should pass bill to give relief to underwater homeowners Short sale extension would also help communities and investors March 10, 2015 KEYWORDS HAMP  NATIONAL ASSOCIATION OF REAL ESTATE INVESTORS  SHORT SALE  UNDERWATER HOMEOWNERS The U.S. Senate has introduced two bipartisan pieces of legislation that, if approved, will offer much needed relief to underwater homeowners, rejuvenate […]

Freddie Mac warns of bogus landlords renting out foreclosed homes.

By Kenneth R. Harney October 21, 2012 WASHINGTON — No one wants to take the blame for the housing bust in this political season, but scammers and rip-off artists in the hundreds are working overtime to siphon dollars out of the wreckage of the crash and its still-vulnerable victims. You’ve probably heard about the loan-modification […]

What California short sellers need to know before tax-time

What California short sellers need to know before tax-time February 6, 2014 August 6, 2015 update: Congress extended the Mortgage Forgiveness Debt Relief Act to cover short sales, foreclosure sales and cramdowns through the end of 2014. If your seller had debt discharged in this manner in 2014, they are eligible to exclude this principal discount from their taxable […]

Prepping for the summer wave of short sales

By Linda Stern WASHINGTON | Wed Jul 25, 2012 11:53am EDT (Reuters) – Coming soon to a neighborhood near you: A late-summer wave of short sales, as homeowners, mortgage bankers and potential buyers all race to settlement on bargain-priced homes that are worth less than the mortgages written on them. “We’re seeing a rush already,” […]

Clearing the Decks on California Foreclosures

 Clearing the decks , foreclosures in Southern California peaked in January, the highest level in 2 years, but this would seem to be more a matter of lenders clearing their books than a new wave of bad loans.The number of homes repossessed by banks in Los Angeles County nearly tripled from December to the highest level since December […]

Negative equity remains a drag on housing market

Even as a tentative housing recovery in the Southland appears underway, a big stumbling block remains: the vast number of underwater homeowners. Nearly 1 in 3 homeowners with a mortgage in Los Angeles County owes more on the loan than the property is worth, according to fresh data from real estate website Zillow. In the […]

Lenders using a variety of tools to prevent mortgage fraud

Borrowers considering inflating their income, even just a tad, checking the box to indicate they plan to live in the home when they’re not, or exaggerating their job description better think twice. Lenders are turning to websites and other tools to help nab fraudulent borrowers and perjurers looking to bilk lenders out of hundreds of […]