Selling Your Home Short-Mortgage Workout? Relief extened to 2012! IRS form 982 is your ticket!

Mortgage Workouts in Sonoma County,California?  Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised

 Note: Legislation enacted in October 2008 extended this relief through 2012. Thus this relief now applies to debt forgiven in calendar years 2007 through 2012 

Use for 982 and see a qualified tax consultant to see how this applies to YOUR Mortgage!

 

WASHINGTON — Homeowners whose mortgage debt was partly or entirely forgiven during 2007,2008,2009 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service.

Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less. The limit is $1 million for a married person filing a separate return. Details are on Form 982 and its instructions, available now on the www.IRS.gov web site. Continue reading Selling Your Home Short-Mortgage Workout? Relief extened to 2012! IRS form 982 is your ticket!

Sonoma County Homeowners-9 ways to Avoid Foreclosure!

Sonoma County, California FORECLOSUREWhat It Really Means & How to Avoid It (always, I mean ALWAYS, consult with a Tax Attorney,Real Estate Attorney and/or CPA to determine various liabilities as to loan recourse,tax liabilities and debt relief!)

 9 Ways to Avoid Foreclosure: 

REINSTATEMENT: Bring the loan current—Remember in the greatest state of California your re-instatement runs with the default process. You bring your payments BACK to current and the issue is solved. However, the bigger question—why did you get behind in the first place? You may wish to sit down and explore your financial picture more closely. Is this the path you really wish to travel? Continue reading Sonoma County Homeowners-9 ways to Avoid Foreclosure!

Santa Rosa,Ca interest rates forecasting 6%–Don’t Panic!

Santa Rosa Home Prices and this real estate market are buoyed by a tsunami of cash! Wow!  The government just raised our budget deficit cap AGAIN! 12.4 Trillion Dollars!! This government has been subsidizing real estate for years! We had silly money replace 20% down, allowed wacky debt to income ratios, and everyone from the lowly mortgage broker and Realtor/agent to Moody’s made a ton of dough in the process! We had NO checks and balances.

  Now we have major subsidies in the form of a government which knows without a housing recovery we are in “deep doo-doo” (to quote Ross Perot!) Continue reading Santa Rosa,Ca interest rates forecasting 6%–Don’t Panic!

Sonoma County New Homeowners-Use a Realtor? You have built in job-loss Insurance!

CAR Extends Its Job-Loss Insurance Offer

Sonoma County, California homeowners who purchased a home recently using a Realtor, now have built in job loss supplemental payments! Read below!

The California Association of Realtors has extended its popular job-loss insurance program for 12 months. Now, under CAR’s Mortgage Protection Plan, if first-time buyers who used one of the group’s 163,000 members are laid off from work through Dec. 31, 2010, they will receive $1,500 a month for up to six months to help cover their mortgage payments. Continue reading Sonoma County New Homeowners-Use a Realtor? You have built in job-loss Insurance!

This Sunday–Trivia Quiz time! The “Christmas Story” home! Open House anyone! Tours available!

 

Now Restored and ready to touring! You little "Ralphies" out there take note!
Now Restored and ready to touring! You little “Ralphies” out there take note!

A Christmas Story House, now restored to its movie splendor, is open year round to the public for tours. Directly across the street from the house is the official A Christmas Story House Museum, which features original props, costumes and memorabilia from the film, as well as hundreds of rare behind-the-scenes photos. Among the props and costumes are the toys from the Higbee’s window, Randy’s snowsuit and zeppelin, the chalkboard from Miss Shields’ classroom and the family car. After reliving A Christmas Story at Ralphie’s house don’t forget to visit the museum gift shop for your own Major Award Leg Lamp and other great movie memorabilia. You can even shop through our online gift shop here. Proceeds from the gift shop help support and maintain A Christmas Story House and Museum.

We will close at 2 PM on Christmas Eve and be closed Christmas Day.

We will reopen Saturday, December 26th at 10 AM.

Tickets and AdmissionHours of Operation ParkingHotels

Information: (216) 298-4919 or info@achristmasstoryhouse.com

 

Sonoma County Investors: Three Simple Steps You Can Take to Protect Your Client’s 1031 Exchange

 
Here in Sonoma County, California, as a real estate investor, you are faced with a myriad of issues to resolve during the course of your real estate transaction. .. One common issue you the investor is going to face is dealing with the popular tax saving procedure – the IRC §1031 exchange.Arming yourself with information about the exchange process will help you avoid common pitfalls such as a failure to properly comply with the IRS requirement that the purchase and sale contract – whether it be for a relinquished property here in Sonoma County, California (property to be disposed of in an exchange) or replacement property (property to be acquired in an exchange) – be assigned to the Qualified Intermediary (“QI”) and that the other party to the contract receives written notice of the assignment. Although your QI should provide the appropriate form of assignment and notice, you need to know to ask for it. I as our Realtor can recommend Highly Toni Esposti as your “Qualified Intermediary” without hesitation. Continue reading Sonoma County Investors: Three Simple Steps You Can Take to Protect Your Client’s 1031 Exchange

Sonoma County Energy Independence Program featured in 2010 –our “Green” Year on the Real Estate Hour!

 “Sonoma County Energy Independence Program” will  kick off the “Green” year of 2010 by having a teaser introductory show this Sunday on the Real Estate Hour. Allison Norman, long a “greenie” and neighborhood leader, plus co-host, will be discussing the SCEIP program which stands for “Sonoma County Energy Independence Program”.

We will give some background on the program and discuss briefly it’s funding mechanism. The experts will be on a special show on January 17th. We will be featuring trusted contractor’s approved for the program plus auditors to determine WHAT your house may need to bring you increased energy efficiency. Stay tune. The “Green” will also equate to some “Green” in your pockets!! To view the program report and administrative guidelines click here!

Here are some points on the program:

SCEIP—Sonoma County Energy Independence Program

NOT a “point of sale” program Continue reading Sonoma County Energy Independence Program featured in 2010 –our “Green” Year on the Real Estate Hour!

Lou Barnes Column “Small Business Credit Conditions”-worth a look!

With permission from Lou Barnes, I’m reprinting this paragraph which gives the NFIB survey of small busienss trends in the marketplace. Makes for some interesting reading. One startling fact is the availability of money for small business has been rated almost 5 times as difficult to obtain than in 2004. When we NEED money for small business NONE is forthcoming. Even with rates as low as they indicate (5.9%) it is very diffcult to obtain! I’ve included the link for your reading.

     On the second Tuesday each month comes the National Federation of Independent Business survey of small business (www.nfib.com, “SBET”). It’s political commentary is prehistoric Right, but the survey is straight (very), and a consistent measure going back to 1973. It’s categories and charts are easy to read, and stark: there is no recovery whatever underway. Sales, earnings, prices, employment, inventories, and credit access all close to or below 36-year survey lows.