Fed: 96K Foreclosure Review Checks to Be Sent to Underpaid Borrowers By: Esther Cho DSNews.com 05/09/2013
About 96,000 borrowers who received a check under the foreclosure review settlement should expect a second payment since their checks were for a lesser amount than what they should have received, the Federal Reserve announced in a statement.
ne of the main issues currently in Sacramento of major concern to Norman is the “Debt Relief” extension NOT yet ratified by the legislators. On the national level the “Debt-Relief” extension was extended by Congress to the end of 2013. However California has YET to extend this valuable aid for “underwater” homeowners facing serious tax consequences when selling their home for LESS than what is owed. The difference between the sales price and loan amount, usually a negative number, is considered “Debt Relief” and is treated as ordinary income. Norman noted that a homeowner selling a home for $300,000 with a $400,000 loan would have “debt-relief” of $100,000. In California this would be subject to income tax as ordinary INCOME for the year 2013. [...]
Here in Sonoma County, California, “The Wine Country with the Coast”, the last report from Foreclosureradar.com (January ’13), shows the impact of the “Homeowner’s Bill of Rights” and the huge national settlement set by the 49 attorneys general–
Cancellations–where the bank stalls the foreclosure process are NOW leading the pack over the bank “Foreclosing” [...]
Come this January 1st a whole new era in the foreclosure/distressed Market Place will come alive–the “Homeowner’s Bill of Rights”, most every state will have one, goes into effect. Some of the more dramatic highlights:
Tenants with valid leases written PRIOR to the foreclosure can have them REMAIN in effect. Tenant leases a home for [...]
In Sonoma County, Ca., most “bubble” loans (loans originated 2004-2007) were not sold to Fannie or Freddie. However, double check with the sites below to see if your loan is owned by Fannie and Freddie. If you are in foreclosure, you may have a holiday delay in the sale of your home. The links below [...]
Short-Sales in Sonoma County, California–WHOA IS ME! I had a client call me yesterday with a list of three properties. I pulled up all three and everyone was a “Short-Sale”. This client is in that market “sweet-spot” of $0-$250,000. But I’d also include ANYTHING under $300,000. There was a total of [...]
As the big Attorneys General settlement begins to sink in the banks are shifting and migrating away from the sale of Individual REO’s ( real estate owned or foreclosed homes) and this change in the retail market and REO’s influence is shown in the Phoenix, AZ marketplace. The REO’s there our at all time lows [...]
Foreclosure process in California with Milestones
Sonoma County, California, Alli and I have heartbreaking stories with many home owners in “property distress” who DO NOT know the rules or “milestones” associated with the foreclosure process.
First and foremost is ALWAYS open your mail. I know this is daunting when bills are piling up but [...]
Here in Sonoma County, California, 50% of all sales are distressed but look what awaits the affluent and upscale Marin County to the south! Some feel the many Pre-foreclosures or those with a big green “P” are the result of strategic walkaways. These are folks who have stellar credit, hardworking but cannot get their lenders [...]
……………………………………. Federal Government & Attorneys General reach landmark settlement with major banks
Roughly $25 billion in relief for distressed borrowers, states and federal government.
From the “NationalMortgageSettlement.com” website.
After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest [...]