Mortgage Tax Debt Foregivenss Relief Act Exiring

Tax Relief is Expiring
Tax Relief is Expiring

Tax Relief is Expiring

The MTDFRA ( Mortgage Tax Debt Foregiveness Relief Act) and many state counterparts will expire at the end of 2012. That means that if the transaction closes after that date the homeowner will need to pay taxes on the amount forgiven.  This is HUGE! If you are having any trouble paying your mortgage and see ANY chance that you may not be able to pay (even if you’ve already modified your loan) short sell the house now.  Everything is perfect for you right now. Go back to renting for a little while then buy again in 2 years! The HAFA short sale program has several benefits and you might qualify for a HAFA short sale which allows the seller up to $3,000 to assist in closing costs.

Check out the HAFA short sale guidelines now and contact your local Realtor  ( in San Diego that is me Alan Schmitt). Email or call me and I will refer you to an incredible short sale expert in your area.

Check out the HAFA short sale guidelines now and contact your local Realtor  ( in San Diego that is me Alan Schmitt). Email or call me and I will refer you to an incredible short sale expert in your area.

The short sale process can take 4 to 5 months and with the deadline closing in, I expect a deluge of short sales hitting the system within the next 6 months. Have yours completed and be well on your way to your next purchase!  Don’t get caught with your pants down.  Act Today.

The short sale process can take 4 to 5 months and with the deadline closing in, I expect a deluge of short sales hitting the system within the next 6 months. Have yours completed and be well on your way to your next purchase!  Don’t get caught with your pants down.  Act Today.

Check out short sale information at www.shortsaledignity.com

A free book for you at www.canishortsell.com

 

Selling your property via short sale? If you qualify, it is so easy to do.

foreclosure

Are you having a hardship? That mortgage payment difficult? Headed for foreclosure?  No. Foreclosure is not an answer. Short sales are now part of a banks NORMAL procedures.

The mortgage companies now have  (finally) standard processes for handling Short Sales. The entire process now takes about 45 days.  You have to have somewhat of a hardship and not just a desire to get out of an upside down property.

For some, the change in the economic environment might be enough if living on the edge.

If you are in San Diego and think a short sale is for you, call me, we can easily determine the right path for you.

A few KEY points:

The effect on your credit is minor!

You do have to move out of your house or condo.

Fighting Foreclosure

The new HAFA short sale provides $3,000 to help with relocation.

If a San Diego short sale is for you, I am a HAFA certified agent and am happy to assist you.  CALL ME! (619) 985-6528.  If you are anywhere else, I can still help.  I will refer you to the top Certified Residential Specialist  (CRS) in your area.

Here is a link to my free book…..Fighting Foreclosure.

San Diego’s own Susan Davis proposes the Short Sale Transparency Act.

Susan Davis (D-San Diego)

Susan Davis (D-San Diego)

A bill authored by House member Susan Davis (D-San Diego) was introduced  to Congress to give homeowners at risk of foreclosure a fair chance to avoid further damage to their credit rating. The Short Sale Transparency Act would require the nation’s giant mortgage lenders, Freddie Mac and Fannie Mae to disclose the minimum price they would be willing to accept for a short sale property if the first offer to purchase a home is not accepted.

This law would force bankers to provide the minimum price in an effort to aid the housing market.

Properties that are sold as short sales sell for less than what is currently owed on the mortgage principal, and must be approved by lenders in order to transfer title without blemishes on their title.

Short sales have increased as a last ditch effort by homeowners to avoid foreclosure. When the price a lender requires is unknown, short sales often become less viable. The “shot in the dark” method for determining bids to offer the bank are creating much wasted effort on all involved.

Loan servicers often repeatedly deny short sale offers without providing homeowners any guidance on the price the lender is willing to accept. As a result, many homeowners that may have sold their property as short sales end up as foreclosures. The bill would require lenders to disclose the minimum price that banks would take for their home to provide a level playing field for homeowners, banks and investors.

 

“People deserve a real chance to avoid foreclosure,” said Davis. “It is unfair to expect someone to complete a short sale instead of abandoning their home to foreclosure, if the banks don’t meet them half way. So many homeowners are willing, even eager to work with banks to get out from under the mortgage and protect their credit rating,but far too often, they find themselves in a guessing game as to what dollar amount will complete the sale.”

The bill was offered just weeks after another California Congresswoman, Maxine Waters (D-Los Angeles) called on President Barack Obama to offer bold solutions on jobs and the foreclosure crisis. Waters said Obama should demand bankers modify mortgages for millions of homeowners at risk of foreclosure.

The veteran Congresswoman has been a leading voice for homeowners at risk of losing their homes, calling for a foreclosure moratorium after the robo-signing scandal made headlines a year ago, and has lobbied to help homeowners and tenants renting properties at risk of foreclosure.

It appears the call to action is building, but it needs to happen now. For many, the legislation will be to little , too late.

All the short sale information you need go to ShortSaleDignity.com

San Diego home prices….Time to buy?

dataquick

Well the news is not great, but the area is , as they say, “hangin’ in there”. Home prices in San Diego County fell in September, while sales numbers were mixed, the latest DataQuick report shows. Figures for Southern California also were mixed, with the same economic factors in play: the pursuit for lower-priced distressed properties, financial uncertainty and lower-than-normal mortgage rates.

Locally, the median price for all sales – including resale homes, resale condos and new homes – was $315,000 in September, down 1.6 percent from August and down 4.7 percent from a year ago. The new-homes sector was the only area that saw a year-over-year price gain, rising from $439,250 to $515,000, or 17.2 percent.
The county recorded 3,084 sales in September, down 5.1 percent from August but up 0.5 percent from the same time last year. The only sector that saw a positive year-over-year gain in sales last month was resale homes, rising 6 percent.
As a region, there were 18,149 total sales, counting Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in September. That figure is down 7.7 percent from August and up 0.3 percent from a year ago.
Demand is staying moderate because of affordability. The interest rates remain at or near all-time lows. In addition, prices are still at or near all time lows. What a combo, you would think demand would be through the roof. However, loans are still difficult to get and many people feel economic woes and are putting off any kind of “large purchase”.
Historical data from the data company show sales have fallen on average 8.3 percent between those months since 1988, when the real estate data company began tracking those numbers.
Meanwhile, the median price for total homes sold last month was $280,000, up 0.4 percent month-to-month but down 5.2 percent from a year ago.

Those who have the means who buy now will be looking back in 5 years saying “Thank god I bought those properties when I did!” The rest will be looking back and saying “If only I had….”

If you are lucky enough to be looking in San Diego, call me at 619.985.6528 or send me an email. And…if you are having any kind of mortgage difficulty, visit ShortSaleDignity.com.

Please feel free to leave any comments — thanks!

Two sides of the internet – One awesome, the other not so much…

imagesCAF6N7NQ

As is customary on Sundays, I will post on a topic which may or may not have any connection to Real Estate. I have a friend who writes incredible articles on current topics. This article is on an important topic so this is what I choose to share today. Although we have all come to rely on the internet for many things, it is a very important part of my business. Ah…but there is a dark side!

Do all you can, and if we each try a little maybe we could have an impact. This is a very important issue. Please share your comments.

Hate, abuse, intentional pain… the dark side of the Internet gets worse while we wonder what we can do.

By Dr. Jeffrey Lant

Author’s program note. I remember Mickey Mouse, in 1939, as the sorcerer’s apprentice, deciding to see for himself just what the sorcerer could do … certain he could control the great power and even greater potentialities which the sorcerer respected and managed so well.

But we all remember that Mickey lost all control and created one escalating problem after another. And it was all set to the onrushing whirlwind of Modest Petrovich Mussorgsky’s “Night on Bald Mountain,” (written 1867), pulsating music that contains — like the Internet itself –                                                 Force! Power! And the capacity, as Mickey came to learn to his chagrin, to overwhelm mere humans and our toehold on this planet. So, for this article about an invention of great power, even greater power to come but with a proven ability to be greatly misused, nothing less than “Night on Bald Mountain” will do.

Find it in any search engine… and play it only when you are sure to be uninterrupted. It is the perfect incidental music to this article about how  — yet again — thoughtless people, selfish people, misguided people, angry people and, yes, dangerous people are perverting one of the most important developments in human history. It is an unfolding tragedy with unanswerable evidence mounting and a backlash sure to come.

Rise in anti-Semitism tied to online  groups.

In the olden days of ,say, 25 years ago, it was relatively difficult for people of malice and murderous intent to find each other, meet, collude, and destroy. Now it is almost child’s play. A  self-appointed leader, an individual of warped vision and an electronic touch, can create what old-time Bolsheviki would have called a “cell”. From this protected place of irresponsible behavior, the leader, in process of morphing into a mini-messiah, would recruit, proselytize and dream of when he would be God. Now this insidious process takes just a few weeks… or even days, taking on speed and momentum as it grows worldwide and threatening.

Right this minute there are hundreds, maybe thousands, of these mini-messiahs online… and they do not have to guess at the power of the ‘net or how to wield it. They have seen it in the streets of Cairo and around the world.

Hate fuels these groups and restless young people are easy targets. The disenfranchised and powerless always gravitate to the “men of destiny,” and these proliferate on the Internet… spreading venom… thereby proving to all who will listen — and there will always be such people — how superior and desirable they are.

And so Jews are hated and attacked… gay people are hated and attacked… immigrants are hated and attacked. And it can all be done under the cloak of anonymity. An informal, but revealing new report by the Massachusetts Anti-Defamation League shows just how serious this situation is and predicts more of the same… for every hate group needs a scapegoat and these targets are already well known.

The report by the Anti-Defamation League, a civil rights organization, is a compilation of records from local law enforcement agencies, along with reports from victims and witnesses of harassment or hate crimes. 18 percent of the anti-Jewish incidents involved a form of electronic communication — easy, irresponsible, cowardly, anonymous.

Among many worrying aspects of  this matter, this fact is perhaps the most unsettling: most hate crime offenders are between the ages of 14 and 22. They are Internet savvy and remorseless. “The Internet has become this feeding ground for individuals who hold these kinds of bigoted views,” said Jack McDevitt, a criminologist at Northwestern University.

Young find online abuse pervasive, poll says.

What do you think would happen if every youth between, say, 14 and 22 years old was suddenly granted the gift of being invisible… of being able to act out their fantasies, even the most disgusting, demeaning, deleterious and dangerous? Well, you need not wonder… for that is the state of the Internet today. Yes, at this very moment large sections of this often thoughtless, careless population are engaged in perpetrating human abuses and outrages which in the full glare of sunlight all but a few would eschew as too dangerous to do.

But now these young people, freed from the trammels of civil and acceptable behavior, give rein to the darker side of the human nature. Lying, misrepresentation, false identities are all part of their daily life online… devilry is considered cool… with the “goodie goodies” who aim for “truth, justice and the American way” disparaged and denigrated as “uncool,” the ultimate put down.

Of course in this heated environment, where up is down, some people, recognizing no limits, go too far; indeed the situation is tailor-made for the worst possible behavior from the largest number of perpetrators.

A new Associated Press-MTV poll of this youthful  population finds that most of them — 56 percent — have been the target of some type of online taunting, harassment, or bullying, a slight increase over just two years ago.

Sexting.

Fully a third of those interviewed affirm they have engaged in “sexting”, the sharing of naked photos or videos of sexual activity. And of course here the temptation is overwhelming to share these with people, lots of people, globally who of course continue the “sharing” process which in due course brings maximum embarrassment, cat-calls, insults, aggressive behaviors of every kind — and so much shame and confusion that suicide sometimes seems a better alternative than life amidst so much derision and disdain.

All this is called “digital abuse”, and it is a growing fact of our vicious, viral age. It is something every wired young person (and that is most of them) must know and deal with on a daily basis. And in due course, far too many of them will engage in activities where hurting people intentionally will be the order of their day.

What can be done?

During the writing of this article, I asked a valued colleague what he would recommend to solve, or at the very least, curtail all these unacceptable behaviors. He paused a minute and said (as I thought he might) “we must draw a line to determine what is allowed… and what is not.”

His words sounded reasonable, entirely justified, and timely. But there is no solution where words like “controls” and “censorship” are concerned. Who would appoint the people who would decide what needed to be controlled and what didn’t… and how would they decide? And that’s the problem… we are equipped for license and outrage…  we are not equipped to curtail and control.

That is why, for now, we must tolerate even the most intrusive, abashing, humiliating occurrences while the problem, like an adolescent pimple, grows and festers, until we are ready to pop it and regain some of our embattled civilities and human responsibilities. For we cannot throw the baby of the Internet out with its bath water, no matter how toxic and revolting that water is and will surely become.

About the Author

Harvard-educated Dr. Jeffrey Lant is CEO of Worldprofit, Inc., providing a wide range of online services for small and-home based businesses. Dr. Lant is also the author of 18 best-selling business books. Republished with author’s permission by Alan Schmitt http://24HourHomeBusiness.com. Check out Commission Commando -> http://www.24HourHomeBusiness.com/?rd=xn7hmKgE

You can go here to help save the Polar Bear

If you want a free guide on short sales and avoiding foreclosure, visit my website at ShortSaleDignity.com. If you want the best home search for San Diego, visit AtHomeInSanDiego.com.

Fight Foreclosure – learn all of your option

Short Sale – Words that will be around in the real estate world for at least a few more years.

shortsale

Short Sale, Short Sale, Short Sale. Heard it enough? Plenty more to come! 2012 should set the record as many people rush to beat the deadline for tax forgiveness. The MTDFRA ( Mortgage Tax Debt Foregiveness Relief Act) and many state counterparts will expire at the end of 2012. That means that if the transaction closes after that date the homeowner will need to pay taxes on the amount forgiven.  See my previous blog on this subject.

Many Banks have taken 3 years to get to the point where they can now process short sales in an efficient and timely manner. At the beginning it was a nightmare. We (agents) would have to fax in a 60 page files multiple times because the banks “couldn’t locate”  the files. We would have to call in 30 times just to get a hold of a clerical who didn’t know the answers to anything!

But….now the time is right. The banks have streamlined the process and now have dedicated departments to assist Realtors and customers. We can now get a short sale done in as little as 5  weeks. However, keep in mind you should allow 90 days at a minimm in case there are “issues”.

If you are having any issues with your mortgage, get help now.

The mortgage companies are truly prepared to assist with many options and the government now has programs in place to help, too, such as the HAFA short sale program .

The process is now very smooth. There is little pain and the effect on credit has been minimal. But…you do have to move out of the house  if you chose the short sale.

We’ve come a long way in helping the many, many Americans in need.  GET ALL THE ANSWERS!

Please visit my website at ShortSaledignity.com for a free Fighting Foreclosure guide

Feel free to comment!

And…by the way….If you are having even the slightest hint of mortgage problems,go get my free bookFighting Foreclosure.

I am a Certified Residential Specialist serving all of San Diego County in Southern California. Please contact me if you have any real estate questions at all. I can refer you to a Certified Residential Specialist and a short sale expert in your area.

Credit Cards – use is up! Are people charging their mortgages and car payments?

credit cards

Consumers and lenders are meshing well together when it comes to credit cards.  Why?  Reasoning could be that there is a heightened level of confidence with spending, or because of a heightened level of panic due to the  inability to pay bills or pay for items with disposable income because of the issues in the housing crunch.

Articles across the internet are boasting the level of incentives the credit card companies are giving to it’s potential consumers in order to open yet ANOTHER credit account with them.  This is despite that the average interest levels for these cards have increased significantly over the last two years.

It’s important to understand that the credit crunch is making these credit card companies give massive incentives because their consumer base has shrunk over the last few years because of the very crisis’ that they created to begin with.

As homeowners in this volatile housing market, it might be wise to be cautious when applying for credit lines when other areas of your financial well being might be suffering.  Most of the credit card companies have switched from fixed rate interest to variable rate interest, similar to what was the adjustable rate mortgages that caused a massive stir in the foreclosure market.

Food for thought:  If interest rates in general start to rise, credit card costs will increase at a very rapid rate.  All the televisions, food, gas, etc. that were purchased on it, can quickly get outrageously expensive.
Check out this article in AZCentral http://www.24HourHomeBusiness.com/?cp=gc662lxa

Get my free book on Fighting Foreclosure. If you are having trouble paying your mortgage or your house is upside down, a short sale may be an option.

The clock is ticking! Short Sell Now!

short sale

If you ever plan to sell your house via short sale, the time to get started is now! 

The MTDFRA ( Mortgage Tax Debt Foregiveness Relief Act) and many state counterparts will expire at the end of 2012. That means that if the transaction closes after that date the homeowner will need to pay taxes on the amount forgiven.  This is HUGE! If you are having any trouble paying your mortgage and see ANY chance that you may not be able to pay (even if you’ve already modified your loan) short sell the house now.  Everything is perfect for you right now. Go back to renting for a little while then buy again in 2 years! The HAFA short sale program has several benefits and you might qualify for a HAFA short sale which allows the seller up to $3,000 to assist in closing costs. Check out the HAFA short sale guidelines now and contact your local Realtor  ( in San Diego that is me Alan Schmitt). Email or call me and I will refer you to an incredible short sale expert in your area.

The short sale process can take 4 to 5 months and with the deadline closing in, I expect a deluge of short sales hitting the system within the next 6 months. Have yours completed and be well on your way to your next purchase!  Don’t get caught with your pants down.  Act Today.

Check out short sale information at www.knowyouroptions-sd.com

Shadow Inventory in housing and the effect on the housing market!

Shadow inventory improves but still threatens housing recovery

Despite all those millions of distressed properties out on sale,
depressing home prices even further, there is one glimmer of hope
according Standard & Poor. According to the report the time it
would take for banks to purge all of this so-called “shadow
inventory” from the market (through foreclosure sales, mortgage
modifications and other measures) shrunk to 47 months during the
second quarter, a significant drop from the 52 months it
estimated for the first quarter of this year. The report also
found that the total dollar value of the loans on these
properties — known as non-agency loans because they are not
backed by Fannie Mae, Freddie Mac or the Federal Housing
Administration — also fell to $405 billion at the end of June
from $433 billion three months earlier. S&P said the decline was
helped by stabilizing liquidation rates and by fewer borrowers
falling behind on their mortgage payments as the economy slowly
recovered during the quarter.

S&P estimates that there are still a total of between 4 million
and 5 million homes, including those with agency-backed loans, in
shadow inventory, an amount that continues to jeopardize the
housing market’s recovery. Nevertheless, Fannie and Freddie are
looking to rid themselves of a large percentage the shadow
inventory they do have — and quickly. Earlier this month, the
Federal Housing Finance Agency (FHFA), the Treasury Department
and the U.S. Department of Housing and Urban Development were
seeking suggestions on how to dispose all the repossessed homes
now owned by Fannie Mae, Freddie Mac and the Federal Housing
Administration in a way that would benefit local communities.