Sellers

California Real Estate Market Update

by Bob March 15, 2011 Buyers

California Realtors’ report: Statewide, the pace of sales in February was down 4 percent from a year earlier, the California Association of Realtors reported today. At $271,320, the median resale house price fell 2.8 percent from February 2010.

The group’s report is based on data from local Realtor associations and multiple listing services.

“With continued concerns about …

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Banks Rush to Foreclose!

by Bob March 10, 2011 Buyers

An Orange County Superior Court judge who initiated a “foreclosure relief” program that appears to be unique to California courts says that many banks have not been mediating in good faith with troubled borrowers to work out solutions and instead have rushed to repossess homes.
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Hundreds of lawsuits challenging foreclosures are now on a special calendar in Orange County Superior Court  each month. Earlier …

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California Short Sellers – HAVE YOUR HEARD?!? Senate Bill 931!

by Jessica January 25, 2011 Sellers

Senate Bill 931, is in effect as of January 1, 2011.

What does this mean for short sellers with a first mortgage?

“This bill would prohibit a deficiency judgment under a note secured by a first deed of trust or first mortgage for a dwelling of not more than 4 units in any case in which the trustor or …

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FINALLY! CA Passes Tax Forgiveness

by Bob April 14, 2010 Sellers

From the CALIFORNIA ASSOCIATION OF REALTORS®:

“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 California’s tax treatment of mortgage debt relief income with federal law.  For debt forgiven on a loan secured by …

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