http://www.csiragroup.com/blog who moves you Fri, 09 Apr 2010 22:16:37 +0000 http://backend.userland.com/rss092 en People who cashed out refinances, or had part of their mortgage debt forgiven when they sold their homes through short sales, will probably owe the IRS a big payback. In 2007, Congress passed the Mortgage Forgiveness Debt Act, but that doesn’t let everyone off the hook. Here are ... http://www.csiragroup.com/blog/owners-who-refinanced-may-owe-irs Governor Schwarzenegger signed into law today, a provision that would waive state taxes on the shortfall of homes that are sold as short sales or foreclosures. This now emulates the law from Federal government, making these "gains" tax exempt. Previously, when an homeowner was forced to sell his ... http://www.csiragroup.com/blog/ca-gov-signs-tax-break-for-short-sales The following article appeared in today's Wall Street Journal regarding the newly enacted Home Affordabile and Foreclosure Alternatives (HAFA) laws with regard to short sales: Many lenders negotiate prices for short-sales, in which the seller is offering the home for less than is owed on the mortgage. But traditionally the only ... http://www.csiragroup.com/blog/hafa-guidelines Presently there is no moritorium on state income taxes for a short sale. Please alert anyone you know who may be considering a short sale that there is no state tax moritorium: "Revenue and Taxation Code section 17144.5 (as added by SB1055) allows taxpayers to exclude up to $250,000.00 of cancellation ... http://www.csiragroup.com/blog/california-tax-law-on-short-sales Matt Vernon jumped into the eye of a hurricane when he agreed to take on the newly-created role as head of Bank of America's short sale division in December of 2009. Matt came to Orange County on March 12, 2010 to share with a packed room full of realtors ... http://www.csiragroup.com/blog/matt-vernon-of-bofa-addresses-ocar We don't know how true this video is, but suspect there is some truth to the assertions. Please watch the following for some insight on why banks may be incentivised to do short sales: http://www.csiragroup.com/blog/banks-get-sweetheart-deal Home prices in San Clemente have been up and down over the past year, with a downward trend these past months. Inventory is declining, as is typical this time of year, but houses are taking longer to sell. http://www.csiragroup.com/blog/san-clemente-home-sales-trend Question: Existing homeowner credit: Must the new house cost more than the old house? Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit. Question: I am an existing homeowner. On October 25, ... http://www.csiragroup.com/blog/qa-on-new-home-buyer-tax-law Rick Sharga, RealtyTrac's Senior Vice President, and frequent network talk-show expert on housing, presented to a packed room of Prudential California Realty's Orange County agents on Tuesday, November 11, 2009. RealtyTrac provides the largest database of foreclosure information in the country, covering 2,200 counties and 92%-94% of all U.S. ... http://www.csiragroup.com/blog/rick-shargen-svp-realtytrac-addressed-pru-o-c California’s housing markets peaked at different times, and some are recovering faster than others, according to the California Association of REALTORS’ 2010 California Real Estate Market Forecast. The state housing market peaked in May 2007 at a median sales price of $594,530 and hit a trough 59% lower in February ... http://www.csiragroup.com/blog/socal-housing-outlook