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National Real Estate Market Trends

According to a CNNMoney.com article, February 2009, real estate values around the nation have collapsed and sales of foreclosed and “underwater” homes now dominate many housing markets. A report by Zillow.com, said that nearly 20% of the nations home sales in 2008 were bank repossessed properties. Another 11% were short sales, in which homeowners owed […]

Mortgage Forgiveness Debt Relief Act of 2007- extended through 2012 through the Emergency Economic Stabilization Act of 2008

The Mortgage Forgiveness Debt Relief Act of 2007 – Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge, prior to January 1, 2010, of indebtedness incurred to acquire a principal residence. Limits to $2 million the excludable amount of such indebtedness. Reduces the basis of a principal residence by […]

LAW AGAINST SHORT SALE DEFICIENCIES EXPANDED

In a major victory for REALTORS®, Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder.  Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders […]

Avoiding Mortgage Relief Scams

The offers seem like answers to the prayers of a struggling homeowner: A promise of legal tactics to forestall foreclosure, reduce mortgage balances and interest rates, or restore credit.  But these so-called mass joinder lawsuits being advertising in mailings are fraudulent – sent out by companies purporting to be law firms, according to a consumer […]