Redding Short Sale Team

Underwater Homeowners Get Much Needed Short Sale Relief – Redding CA

In an effort to conform  California state law to a federal law at the end of Dec. 2012 which extended mortgage debt forgiveness, the CALIFORNIA ASSOCIATION OF REALTORS  is sponsoring Senate Bill 30, so that struggling California homeowners on the brink of foreclosure can get much needed mortgage debt relief.
This bill will for one more year exempt the taxation of mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale or loan modification and that is including any principal reduction.

What does this mean?

Homeowners who want to or need to sell their home have 6 more months to do so.  The average time a short sale takes is four to six months.

If you are thinking about selling or need to sell your home, time is of the essence. Contact us for a free consultation to see if you qualify for a short sale.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

or OnLine

Short Sale Certified by the National Association of Realtors License #01760446

Check Out My Credentials Here

LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

Your Name (required)

Your Email (required)

Subject

Your Message

Short Sale Mortgage Debt Relief Act Extended – Redding CA

Underwater Homeowners Get Much Needed Short Sale Relief – Redding CA

Short Sale Mortgage Debt Relief Act Extended – Redding CA

Mortgage Forgiveness Debt Relief extended through 2013

For huge numbers of financially distressed  property owners of homes with underwater mortgages, this was the biggest issue in the entire fiscal cliff debate. The mortgage debt relief act provisions in the IRS tax code, first enacted in 2007, expired at midnight Dec. 31 on 2012.

Had Congress not acted, the IRS tax code would have reverted to its pre-2007 treatment of mortgage principal reductions or cancellations by lenders and banks, whether through loan modifications, short sales, deeds-in-lieu or foreclosures: All principal balances written off would be treated as ordinary income to the homeowners who received them.

For illustration, if a lender wrote off $80,000 of debt to facilitate a short sale, the seller would be taxed on that $80,000 at regular marginal rates, just as if they had earned it as income salary.

A return to taxation of principal reductions would have disrupted short sales , a growing segment of the home real estate market in 2013, and almost certainly would have encouraged more struggling home owners to take foreclosure and or bankruptcy.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

or OnLine

Short Sale Certified by the National Association of Realtors License #01760446

Check Out My Credentials Here

LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

Your Name (required)

Your Email (required)

Subject

Your Message

Short Sale Mortgage Debt Relief Act Extended – Redding CA

Tax Relief for Distressed Property Owners-Short Sale-Redding CA

The pressure is on for 2012 US congress to extend  the mortgage tax relief for homeonwers who may have mortgage debt canceled or forgiven through a short sale.

Did you know the Department of Justice made a settlement with big banks such as GMAC, Ally Bank, CitiMortgage, Chase, Wells Fargo and the biggie Bank of America.

This settlement to the big banks included approx. $25 Billion a Billion with a “B” to help struggling homeowners with loan modifications and other solutions to avoid foreclosure or short sale their home.

The fight is one for the extension of the mortgage debt relief act, extending the tax exemption.

It is anybodys guess if the tax exemptions will be extended.

Learn your options.

Any tax extension may ease the pressure on some distressed homeowners. But it would not eliminate it. All extensions ultimately will have another expiration date, possibly just one more year away.

Short sale real estate transactions can take several months, and the timelines are likely to stretch as homeowners, escrow officers and real estate agents rush to beat the deadlines.

Is a short sale right for you? What happens to the tax extension?

Ask us. Direct (530) 921-1063

The Redding Short Sale Team has experience dealing with banks and property owners, ask questions.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

or OnLine

Short Sale Certified by the National Association of Realtors License #01760446

Check Out My Credentials Here

LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

Your Name (required)

Your Email (required)

Subject

Your Message

Tax Relief for Distressed Property Owners-Short Sale-Redding CA

Short Sale Faster with Bank of America-Redding CA

Bank of America has stepped forward to try and improve the short sale situation for homeowners.

Bank of America is working to find common ground between buyers, sellers and real estate agents by making the short sale process more transparent.

Bank of America seems to have finally realized that they must change their business model in order to meet the demands of their short sale mortgagea and help to stabilize the housing market and America.

Everyon should take advantage of this opportunity for a successful closing.
Real Estate agents, homeowners and buyer can use this to help and prevent unnecessary frustration.

When loan modification is not possible on an underwater property then a short sale is the option, Bank of America is providing “transition funding”.

Money to assist then homeowner to move and relocate to a new rental.

The short sale must be initiated by the end of this year and closed by the end of 2013. Not all short sales qualify so you will need to start now.

Contact us direct (530) 921-1063 Laura Reilly

There use to be many horror stories about lost paperwork, delays and uncertainty. Buyers have been put off from making offers on short sales because of fear of a 1 year close and the need to get on with their lives.

Will the Bank of America