January 1st, 2013–Homeowner’s Bill of Rights goes into effect!!

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 a year, in writing, Seller goes belly-up, lease MUST be honored by new owner. However, any fraudulent work will have the lease dismissed.
  • You’ll see the Attorney’s circling as the HBR gives the homeowner broad reach–just how BROAD will be determined by the courts in the months to come. “Robo-signings” will be no more but if they happen and fraud is detected injunction relief will be the Homeowner’s tool! Here are all of the new “Rights”.

 

Big Medicine for a BIG Problem!

Tax Deductions NOT to Overlook!!

Attention all Sonoma County Tax payers! Don’t forget THESE Tax Deductions when you file for 2012 Returns!

Believe it or not, as taxpayers, we may overlook some seemingly obvious deductions that could save us more of our hard-earned money. Here are some of those items to keep in mind when tax time is looming. Remember, if you’re ever unsure about a specific deduction, ask a trusted tax preparer, or visit www.irs.gov for more information.

Vehicle excise tax.
If you get a bill from your state or local government charging you a tax for owning a vehicle, you may be able to deduct that tax. You can also get the tax deduction if you lease a vehicle and your finance company bills you for the tax.

Job-hunting expenses.
It pays to save your receipts for job-hunting expenses. These expenses are deductible if they were incurred to locate a new job in the same line of work.

Real estate taxes.
Also, don’t forget taxes you paid indirectly, such as taxes paid through a mortgage escrow account. If you bought a house, check your settlement statement for any taxes which you reimbursed the seller at the closing, too.
Continue reading Tax Deductions NOT to Overlook!!

Holiday Halt for Foreclosures, BUT, Is your loan owned by Fannie or Freddie?

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 will help you figure it out.

http://www.fanniemae.com/loanlookup
http://www.freddiemac.com/mymortgage