Dear Friends,
Here is a summary of what I found on Realtor.org.
This week there was reported growth in all 12 regions for the first time since 2007.
Boston. Commercial real estate leasing was flat in some areas and noticeably improved in others.
New York. Commercial real estate leasing has picked up noticeably although vacancy rates continue to rise in some areas. Residential rents appear to have bottomed.
Richmond. Residential real estate markets are improving with the inventory of homes in the Washington, D.C., suburbs falling to its lowest level in 18 months.
St. Louis. Commercial and industrial real estate activity remain slow, but the suburban office vacancy rate increased in Little Rock; Louisville, KY; and Memphis. It was flat in St. Louis.
Minneapolis. Home construction is rebounding with building permits in the Minneapolis-St. Paul area doubling year-over-year in May. Vacant commercial real estate increased in Minneapolis.
Kansas City, Mo. Home sales rose, but practitioners are less optimistic about upcoming months.
Dallas. Housing demand has improved, but bankers say many potential borrowers are being turned away because of poor credit.
With home sales up, how fast you sell your home is key. Curb appeal is what will get the buyer in and keep the negotiations open! Here are some tips from HGTV’s real estate site, which offers nine ways to make a home more appealing:
• Restore the roof. Improve its appearance and keep it from leaking.
• Clean up the driveway and walkways. They set the tone for the rest of the home.
• Maintain the gutters. Clean out leaves and debris. Eliminate signs of water damage.
• Pay attention to details. Install attractive street numbers, door hardware and a new mailbox.
• Make the front door welcoming. Paint an old but solid one; replace one that is past its prime.
• Light it up. Decorate with attractive outdoor lighting.
• Paint offers big payoff for a low price. Just doing the shutters, trim and railings can help.
• Spruce up the lawn. Mow, pull weeds and fertilize.
• Add a WOW factor. Some beautiful plants will impress buyers.
Call me now and I will help you get started.
Namaste.
Friday, June 11, 2010
Friday, June 4, 2010
HOMES SALES ARE STILL ON THE RISE!!!!
Dear Friends,
According to the NATIONAL ASSOCIATION OF REALTORS®, pending home sales have risen for three consecutive months. But I submit that much of this is less reflected by the impact of the home buyer tax credit but more from favorable housing affordability conditions and the temporary drying up short sales. The Pending Home Sales Index (PHSI), rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.
Although I disagree with Lawrence Yun, the NAR chief economist who stated, “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales. The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs.”
As I previously reported in "Maximizing Your Buyer's Credit," that 65 percent of First Time Home Buyers did not consider the tax credit when making their decision to buy. Instead it was having a low, fixed interest rate was the main factor in buying.
Regardless of the findings, the bigger concern for all First Time Home Buyers looking to reap the benefits of the tax credit is closing by June 30th. When buying a short sale, two months is normally enough time from contract signing to settlement date. However, the recent housing cycle has brought long delays related to the short sales approval process by banks and from ongoing appraisal issues. The laws changed in April 2010 to create guidelines that banks must adhere to in expediting the closing of escrow.
There are a sizable number of home buyers who used the tax credit incentives, but may encounter problems meeting the settlement deadline by June 30th. Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing. So be on the lookout for a possible extension!
Based on the PHSI, here is what's happening around the region:
Northeast: jumped 29.5 percent to 97.9 in April and is 24.5 percent above a year ago.
Midwest: rose 4.1 percent to 104.2 and is 17.9 percent above April 2009.
South: slipped 0.6 percent to an index of 123.9, but is 31.3 percent higher than a year ago.
West: increased 7.5 percent to 107.9 and is 12.0 percent higher than April 2009.
Do not hesitate to ask questions, I am here to help. Contact me now to buy, sell or finance your home today!
Namaste.
According to the NATIONAL ASSOCIATION OF REALTORS®, pending home sales have risen for three consecutive months. But I submit that much of this is less reflected by the impact of the home buyer tax credit but more from favorable housing affordability conditions and the temporary drying up short sales. The Pending Home Sales Index (PHSI), rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.
Although I disagree with Lawrence Yun, the NAR chief economist who stated, “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales. The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs.”
As I previously reported in "Maximizing Your Buyer's Credit," that 65 percent of First Time Home Buyers did not consider the tax credit when making their decision to buy. Instead it was having a low, fixed interest rate was the main factor in buying.
Regardless of the findings, the bigger concern for all First Time Home Buyers looking to reap the benefits of the tax credit is closing by June 30th. When buying a short sale, two months is normally enough time from contract signing to settlement date. However, the recent housing cycle has brought long delays related to the short sales approval process by banks and from ongoing appraisal issues. The laws changed in April 2010 to create guidelines that banks must adhere to in expediting the closing of escrow.
There are a sizable number of home buyers who used the tax credit incentives, but may encounter problems meeting the settlement deadline by June 30th. Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing. So be on the lookout for a possible extension!
Based on the PHSI, here is what's happening around the region:
Northeast: jumped 29.5 percent to 97.9 in April and is 24.5 percent above a year ago.
Midwest: rose 4.1 percent to 104.2 and is 17.9 percent above April 2009.
South: slipped 0.6 percent to an index of 123.9, but is 31.3 percent higher than a year ago.
West: increased 7.5 percent to 107.9 and is 12.0 percent higher than April 2009.
Do not hesitate to ask questions, I am here to help. Contact me now to buy, sell or finance your home today!
Namaste.
Friday, May 28, 2010
RATES ARE STILL LOW & LUXURY MARKETS ARE IMPROVING, TOO!
Dear Friends,
For those home buyers who could not tap into the federal tax credit before it expired on April 30th, they are finding comfort in the continued low mortgage rates, which by the way dropped again this week to near-record lows. According to Freddie Mac interest on 30-year fixed loans averaged 4.78 percent compared to 4.84 percent last week, while the 15-year rate slipped to a new low of 4.21 percent from 4.24 percent.
As previously reported, the favorable borrowing costs will improve affordability and offset the impact of the tax credit program ending. However, please keep in mind that rates will increase as our economy improves.
Signs of improving economic conditions could lead Federal Reserve Chair Ben Bernanke to raise key interest rates, driving up mortgage rates. As the evidence shows, more consumers are paying their bills on time with both American Express and Target Corp. reported lower delinquency rates in two years during the second quarter. In another sign of economic improvement, fewer banks reported tightening lending standards this month, which lends to the reason consumer borrowing rose for the second time in three months.
“If lending standards start to stabilize, that’ll be another reason to remove the emergency measures, including the zero rate,” says Jay Bryson, a senior global economist at Wells Fargo Securities LLC in Charlotte, N.C., who formerly worked at the Fed in Washington. So after a tough 2009 and 2010, we are seeing solid evidence of the economic improvement, for example. The luxury home market is on the upswing. Sales are up 32 percent from the previous year of homes in price range of $2 million to $5 million in the first quarter and totaled 2,461. Realistic selling price, increased buyer confidence, and improved financing options all contributed to the increased sales.
But as solid market improvements appear, there are still concerns. Evidence shows that luxury homes are affected more by the movement of the stock market, and "if the markets don't recover soon, it will scare people and hurt demand for high-end homes," says Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley.
We are not out of the woods, but we are definitely doing better! Make sure you have all the tools necessary to buy, sell or finance your next home. Call me now, for a "Free Market Analysis" or to Short Sale Your Home at NO COST to You! Happy Memorial Weekend and stop by Homes With My to begin your property or loan search now!
Namaste.
For those home buyers who could not tap into the federal tax credit before it expired on April 30th, they are finding comfort in the continued low mortgage rates, which by the way dropped again this week to near-record lows. According to Freddie Mac interest on 30-year fixed loans averaged 4.78 percent compared to 4.84 percent last week, while the 15-year rate slipped to a new low of 4.21 percent from 4.24 percent.
As previously reported, the favorable borrowing costs will improve affordability and offset the impact of the tax credit program ending. However, please keep in mind that rates will increase as our economy improves.
Signs of improving economic conditions could lead Federal Reserve Chair Ben Bernanke to raise key interest rates, driving up mortgage rates. As the evidence shows, more consumers are paying their bills on time with both American Express and Target Corp. reported lower delinquency rates in two years during the second quarter. In another sign of economic improvement, fewer banks reported tightening lending standards this month, which lends to the reason consumer borrowing rose for the second time in three months.
“If lending standards start to stabilize, that’ll be another reason to remove the emergency measures, including the zero rate,” says Jay Bryson, a senior global economist at Wells Fargo Securities LLC in Charlotte, N.C., who formerly worked at the Fed in Washington. So after a tough 2009 and 2010, we are seeing solid evidence of the economic improvement, for example. The luxury home market is on the upswing. Sales are up 32 percent from the previous year of homes in price range of $2 million to $5 million in the first quarter and totaled 2,461. Realistic selling price, increased buyer confidence, and improved financing options all contributed to the increased sales.
But as solid market improvements appear, there are still concerns. Evidence shows that luxury homes are affected more by the movement of the stock market, and "if the markets don't recover soon, it will scare people and hurt demand for high-end homes," says Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley.
We are not out of the woods, but we are definitely doing better! Make sure you have all the tools necessary to buy, sell or finance your next home. Call me now, for a "Free Market Analysis" or to Short Sale Your Home at NO COST to You! Happy Memorial Weekend and stop by Homes With My to begin your property or loan search now!
Namaste.
Monday, May 24, 2010
STANDARD VS HOMEOWNER'S TITLE POLICIES, WHICH IS BEST FOR YOU?
Dear Friends,
I post these like clock work, but last Friday I decided to wait until today because I attended a "Title and Escrow" training offered by the San Diego Association of Realtors or SDAR. These training courses are held for us to stay abreast of today's market trends and practices, with the title of the course being the topic covered. The most common trend, we found, is that in short sale or REO purchase the seller selects the Standard instead of the Homeowner's Title policy, which has less coverage for the buyer!
Most Standard Title Polices cover the following:
Namaste.
I post these like clock work, but last Friday I decided to wait until today because I attended a "Title and Escrow" training offered by the San Diego Association of Realtors or SDAR. These training courses are held for us to stay abreast of today's market trends and practices, with the title of the course being the topic covered. The most common trend, we found, is that in short sale or REO purchase the seller selects the Standard instead of the Homeowner's Title policy, which has less coverage for the buyer!
Most Standard Title Polices cover the following:
- Someone else owns an interest in your title
- A document is not properly signed
- Forgery, fraud, duress, incompetency
- Defective recording of a document
- Unmarketability of title
- Lack of a right of access to and from the land
- All of the above, plus...
- Mechanic's lien protection
- Forced removal of residential structure--encroachments
- Forced removal of residential structure--restrictions
- Forced removal of residential structure --zoning
- Cannot use land for Single Family Residence due to zoning or restrictions
- Unrecorded liens by the homowner's association
- Unrecorded easements
- Others have rights arising out of leases, contracts or options
- Pays rent for substitute housing
- Plain language
- Building permit violations--forced removal
- Subdivision law violations
- Zoning violations---forced removal
- Boundary wall or fence encroachment
- Restrictive covenant violations
- Post-policy contract or lease rights
- Post-policy contract or lease rights
- Post-policy forgery
- Post-policy easement
- Post-policy limitations on use of land
- Post-policy encroachment by neighbor other than wall or fence
- Enhanced access--vehicular and pedestrian
- Damage to structure from use of easement
- Street address is contract
- Map shows correct location of the land
- Exercise of mineral rights
- Sale fails due to neighbor's encroachments
- Living trust coverage
- Coverage for spouse acquiring through divorce
- Automatic policy increase up to 150%
- Forced removal due to building setbacks
- Discriminatory covenants
- Insurance coverage forever
Namaste.
Friday, May 14, 2010
SHORT SALES ARE ON THE RISE!!!
Dear Friends,
At Last! There are yet more signs that the market is recovering and SHORT SALES ARE ON THE RISE! If you are not familiar with what a short sale is, WikipediA defines it as:
The goal of this program is to accelerate the end to the foreclosure crisis by cleaning out the remaining borrowers in distress and replacing them in more stable homes.
Here is the breakdown of the program:
Call me now to list your home, (832) 341 - 3066.
Namaste,
Myeshia "MY" Harris
At Last! There are yet more signs that the market is recovering and SHORT SALES ARE ON THE RISE! If you are not familiar with what a short sale is, WikipediA defines it as:
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.Well they have become even more popular since the new Federal Home Affordable Foreclosure Alternatives (HAFA) program was implemented on April 5, 2010. Under the HAFA, borrowers will earn $3,000 as a "relocation incentive." According to Glenn Kelman, the founder of Redfin stated that "banks realize now that they make out better financially with a short sale than a foreclosure. Lenders lose 50% on a foreclosure and 30% on a short sale."
The goal of this program is to accelerate the end to the foreclosure crisis by cleaning out the remaining borrowers in distress and replacing them in more stable homes.
Here is the breakdown of the program:
- Borrowers earn a $3,000 "relocation incentive"
- Servicers get $1,500 for handling a short sale
- Investors who actually own the mortgage notes get $2,000 in exchange for sharing proceeds of the short sales with any second-lien holders
- Second lien holder receive up to $6,000 for releasing their claims
- Lenders participating in the program must also determine the market values of the properties early on and inform the owners of just what price they're willing to accept. Then, if owners come back to the lenders with valid offers, they have to be accepted within 10 days.
- Only personal residences are eligible
- The mortgage amount must be lest than $729, 750.
- The mortgage originated be fore January 1, 2009
Call me now to list your home, (832) 341 - 3066.
Namaste,
Myeshia "MY" Harris
Friday, May 7, 2010
HOW LONG DO I WAIT TO BUY AFTER LOSING MY HOME
Dear Friends,
Many have asked:
HOW LONG DO I WAIT TO BUY AFTER LOSING MY HOME?
Answer: The waiting period to buy a home after losing your existing home depends on your circumstance. Well, you already knew that, right?!? So here are a few different scenarios, but calling me now for a full review is the best method. My number is (832) 341 - 3066. Here is some information until we speak...
Fannie Mae revised its guidelines and now addresses separate waiting periods depending on the type of foreclosure. Moreover, if you have documented extenuating circumstances, this will have a direct bearing on the number of years you will have to wait to get a conventional or government (FHA, VA, etc.) loan.
Who or what is Fannie Mae?
The entity that holds great power in the conventional and FHA markets is Fannie Mae. They are America's largest mortgage buyer, a private corporation, which buys mortgage loans in the secondary market. The secondary market is where bank buy and sell loans amongst themselves for a profit. Because Fannie Mae would end up with the properties back if borrowers default, Fannie Mae has a strong interest in setting forth stable, realistic guidelines to lessen the chance a borrower will go into foreclosure. Unlike what we experienced the last five years of lending.
So what are Documented Extenuating Circumstances? Here is an example of what Fannie Mae may allow for extenuating circumstances, of course this list is a suggestion. Call me now and let's look at your scenario.
•Death (not yours, of course)
•Illness
•Job Transfer
•Accident Resulting in Severe Injury
Generally, extenuating circumstances are things that happen beyond your control, which dramatically affect your ability to continue making timely payments on your mortgage. With documented extenuating circumstances, the waiting period is less than without documentation.
Here are a few suggestions on the waiting Period to Buy After Foreclosure:
•Buying After a Foreclosure
The waiting period is 5 years up to 7 years.
•Buying After a Foreclosure With Extenuating Circumstances
The waiting period is 3 years up to 7 years.
•Buying After After a Deed-in-Lieu of Foreclosure
The waiting period is 4 years up to 7 years.
•Buying After a Deed-in-Lieu of Foreclosure With Extenuating Circumstances
The waiting period is 2 years up to 7 years.
•Buying After a Short Sale
The waiting period is 2 years. However, if a seller does not have a 60-day late pay, that seller may immediately buy another home. They want to promote you staying current on your payments while the home is on the market as a short sale which benefits you and the bank.
Fannie Mae and lenders are constantly updating with new guidelines. The above policies are in effect for loan applications submitted after August 1, 2008, please call me now to get you back on the path to home ownership!
Kind Regards
Namaste
Many have asked:
HOW LONG DO I WAIT TO BUY AFTER LOSING MY HOME?
Answer: The waiting period to buy a home after losing your existing home depends on your circumstance. Well, you already knew that, right?!? So here are a few different scenarios, but calling me now for a full review is the best method. My number is (832) 341 - 3066. Here is some information until we speak...
Fannie Mae revised its guidelines and now addresses separate waiting periods depending on the type of foreclosure. Moreover, if you have documented extenuating circumstances, this will have a direct bearing on the number of years you will have to wait to get a conventional or government (FHA, VA, etc.) loan.
Who or what is Fannie Mae?
The entity that holds great power in the conventional and FHA markets is Fannie Mae. They are America's largest mortgage buyer, a private corporation, which buys mortgage loans in the secondary market. The secondary market is where bank buy and sell loans amongst themselves for a profit. Because Fannie Mae would end up with the properties back if borrowers default, Fannie Mae has a strong interest in setting forth stable, realistic guidelines to lessen the chance a borrower will go into foreclosure. Unlike what we experienced the last five years of lending.
So what are Documented Extenuating Circumstances? Here is an example of what Fannie Mae may allow for extenuating circumstances, of course this list is a suggestion. Call me now and let's look at your scenario.
•Death (not yours, of course)
•Illness
•Job Transfer
•Accident Resulting in Severe Injury
Generally, extenuating circumstances are things that happen beyond your control, which dramatically affect your ability to continue making timely payments on your mortgage. With documented extenuating circumstances, the waiting period is less than without documentation.
Here are a few suggestions on the waiting Period to Buy After Foreclosure:
•Buying After a Foreclosure
The waiting period is 5 years up to 7 years.
•Buying After a Foreclosure With Extenuating Circumstances
The waiting period is 3 years up to 7 years.
•Buying After After a Deed-in-Lieu of Foreclosure
The waiting period is 4 years up to 7 years.
•Buying After a Deed-in-Lieu of Foreclosure With Extenuating Circumstances
The waiting period is 2 years up to 7 years.
•Buying After a Short Sale
The waiting period is 2 years. However, if a seller does not have a 60-day late pay, that seller may immediately buy another home. They want to promote you staying current on your payments while the home is on the market as a short sale which benefits you and the bank.
Fannie Mae and lenders are constantly updating with new guidelines. The above policies are in effect for loan applications submitted after August 1, 2008, please call me now to get you back on the path to home ownership!
Kind Regards
Namaste
Friday, April 30, 2010
Maximizing Your Buyer's Credits
Dear Friends,
Thanks for sharing a few minutes with me. Here is the latest news in our wonderful Real Estate and Lending Markets here in sunny California. If you are not in contract by today, April 30, 2010, then you have missed First Time Home Buyer (or FTHB) tax credit of $8,000! But if you contact me today, I will show you how to MAXIMIZE your buying credits for use at your discretion on fees or appliance AND get other tax credits. Contact me today and let me show you how or research anytime, day or night at your leisure at HomesWithMy!
Here is a Fun Facts to pass along... Did you know that 65% of the FTHB said that the tax credit was not the most important decision in their home buying process? That 61% said the most important factor was having a low, fixed-interest rate for 30 years. Well, great news for those who are still looking to buy a home!!! Rates are as low at 4.5% for owner-occupied properties and 5.25% for investment properties!! With the Federal Reserve leaders leaving the federal funds rate UNCHANGED it makes buying your next home, whether your first or investment, very affordable! Contact me today!
For those needing information on how mortgage payments affect your credit scores, I added updated information to the article, "NO MORE STATE TAX ON FORGIVEN DEBT." Se Habla Espanol.
Contact me now to discuss your home buying options and let me show you how to get the most buying credits and tax credits available!
Kind Regards,
Myeshia Harris
Thanks for sharing a few minutes with me. Here is the latest news in our wonderful Real Estate and Lending Markets here in sunny California. If you are not in contract by today, April 30, 2010, then you have missed First Time Home Buyer (or FTHB) tax credit of $8,000! But if you contact me today, I will show you how to MAXIMIZE your buying credits for use at your discretion on fees or appliance AND get other tax credits. Contact me today and let me show you how or research anytime, day or night at your leisure at HomesWithMy!
Here is a Fun Facts to pass along... Did you know that 65% of the FTHB said that the tax credit was not the most important decision in their home buying process? That 61% said the most important factor was having a low, fixed-interest rate for 30 years. Well, great news for those who are still looking to buy a home!!! Rates are as low at 4.5% for owner-occupied properties and 5.25% for investment properties!! With the Federal Reserve leaders leaving the federal funds rate UNCHANGED it makes buying your next home, whether your first or investment, very affordable! Contact me today!
For those needing information on how mortgage payments affect your credit scores, I added updated information to the article, "NO MORE STATE TAX ON FORGIVEN DEBT." Se Habla Espanol.
Contact me now to discuss your home buying options and let me show you how to get the most buying credits and tax credits available!
Kind Regards,
Myeshia Harris
Wednesday, April 21, 2010
First Time Home Buyers
Dear Friends,
There is WONDERFUL NEWS for First Time Home Buyers! First of all if you don't already know, the Tax Credit will expire June 30, 2010. Contact me now to get into escrow by April 30th so you beat the deadline!
Here are the latest First Time Home Buyer stats:
This information was brought to you in part from Brian and Steve of ThinkBigWorkSmall.
There is WONDERFUL NEWS for First Time Home Buyers! First of all if you don't already know, the Tax Credit will expire June 30, 2010. Contact me now to get into escrow by April 30th so you beat the deadline!
Here are the latest First Time Home Buyer stats:
- 42% of the market is First Time Home Buyers
- Between the ages of 25 to 30
- The foreclosure wave was set to accelerate in March
- Affordability
- Tired of paying rent
- Tax Credit
This information was brought to you in part from Brian and Steve of ThinkBigWorkSmall.
Friday, April 16, 2010
NO MORE STATE TAX ON FORGIVEN DEBT
Updated April 30, 2010
Dear Friends;
WONDERFUL NEWS!!!!
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 April 12, 2010, 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 a “qualified principal residence,” borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principle residence. It includes both first and second trust deeds. It also included a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
For more information about mortgage forgiveness’ tax consequences, go to Senate Bill 401 www.leginfo.ca.gov. I always want you to have the latest information and tools to help your family succeed. Contact me today to learn what I can do for you!
Kind Regards,
Mia Myeshia “MY” Harris
REALTOR®/Sr. Loan Officer
HomesWithMy
Se Habla Espanol.
NINGÚN IMPUESTO DE ESTADO MÁS SOBRE LA DEUDA PERDONADO
Estimado propietarios;
Propietarios de angustiados ya no tienen que pagar impuesto sobre la renta del estado de California sobre la deuda perdonada en una venta corta, la exclusión o la modificación de préstamo. Promulgado en el derecho, el 12 de abril de 2010, Senado Bill 401 alinea generalmente tratamiento de impuestos de California de ingresos de alivio de deuda de hipoteca con la ley federal. Para la deuda perdonada por un préstamo asegurado por una "residencia principal calificado", los prestatarios ahora quedarán exentos de ambas consecuencias de impuesto sobre la renta federales y estatales. La exención federal existente es de endeudamiento hasta 2 millones de dólares, mientras que la nueva exención de California es para endeudamiento hasta $ 800,000 y perdonado deuda hasta $ 500.000.
Endeudamiento "Residencia principal calificado" se define como la deuda contraída en adquirir, construir o mejorar sustancialmente de una residencia de principio. Incluye ambos hechos de confianza primera y segunda. También incluyó un préstamo de refinanciación en la medida en que los fondos se utilizaron para un préstamo anterior que se han clasificado de recompensa.
Los impuestos se aplican a las deudas despedidas entre 2009 y 2012. Californianos que ya han presentado sus declaraciones de impuestos de 2009 pueden reclamar la exención mediante la presentación de una enmienda de X de formulario 540.
Sin embargo, los contribuyentes que no califican para las exenciones anteriormente (por ejemplo, segunda casa o propiedad de alquiler) pueden ser exentos en virtud de otras disposiciones. En particular, los contribuyentes que están en bancarrota están exentos de impuesto sobre la renta del alivio de deuda. Además, los contribuyentes que son insolventes están exentos de impuesto sobre la renta del alivio de deuda en la medida de sus pasivos a corto plazo superan activos corrientes.
Para obtener más información sobre las consecuencias de fiscales de hipoteca perdón, vaya al Senado Bill 401 www.leginfo.ca.gov. Siempre quiero que tenga la última información y herramientas para ayudar a su familia de éxito. Llamarme hoy para aprender lo que puedo hacer para usted!
Atentamente
Myeshia "MY" Harris
Inmobiliaria® / Sr. Loan Officer
HomesWithMy
Dear Friends;
WONDERFUL NEWS!!!!
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 April 12, 2010, 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 a “qualified principal residence,” borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principle residence. It includes both first and second trust deeds. It also included a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
For more information about mortgage forgiveness’ tax consequences, go to Senate Bill 401 www.leginfo.ca.gov. I always want you to have the latest information and tools to help your family succeed. Contact me today to learn what I can do for you!
Kind Regards,
Mia Myeshia “MY” Harris
REALTOR®/Sr. Loan Officer
HomesWithMy
Se Habla Espanol.
NINGÚN IMPUESTO DE ESTADO MÁS SOBRE LA DEUDA PERDONADO
Estimado propietarios;
Propietarios de angustiados ya no tienen que pagar impuesto sobre la renta del estado de California sobre la deuda perdonada en una venta corta, la exclusión o la modificación de préstamo. Promulgado en el derecho, el 12 de abril de 2010, Senado Bill 401 alinea generalmente tratamiento de impuestos de California de ingresos de alivio de deuda de hipoteca con la ley federal. Para la deuda perdonada por un préstamo asegurado por una "residencia principal calificado", los prestatarios ahora quedarán exentos de ambas consecuencias de impuesto sobre la renta federales y estatales. La exención federal existente es de endeudamiento hasta 2 millones de dólares, mientras que la nueva exención de California es para endeudamiento hasta $ 800,000 y perdonado deuda hasta $ 500.000.
Endeudamiento "Residencia principal calificado" se define como la deuda contraída en adquirir, construir o mejorar sustancialmente de una residencia de principio. Incluye ambos hechos de confianza primera y segunda. También incluyó un préstamo de refinanciación en la medida en que los fondos se utilizaron para un préstamo anterior que se han clasificado de recompensa.
Los impuestos se aplican a las deudas despedidas entre 2009 y 2012. Californianos que ya han presentado sus declaraciones de impuestos de 2009 pueden reclamar la exención mediante la presentación de una enmienda de X de formulario 540.
Sin embargo, los contribuyentes que no califican para las exenciones anteriormente (por ejemplo, segunda casa o propiedad de alquiler) pueden ser exentos en virtud de otras disposiciones. En particular, los contribuyentes que están en bancarrota están exentos de impuesto sobre la renta del alivio de deuda. Además, los contribuyentes que son insolventes están exentos de impuesto sobre la renta del alivio de deuda en la medida de sus pasivos a corto plazo superan activos corrientes.
Para obtener más información sobre las consecuencias de fiscales de hipoteca perdón, vaya al Senado Bill 401 www.leginfo.ca.gov. Siempre quiero que tenga la última información y herramientas para ayudar a su familia de éxito. Llamarme hoy para aprender lo que puedo hacer para usted!
Atentamente
Myeshia "MY" Harris
Inmobiliaria® / Sr. Loan Officer
HomesWithMy
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