The Sacramento Pre-Foreclosure Workshop will now be broadcasting LIVE Via Webcast as well as “Live In Person”
| Listen To A Special Message |
Don’t Feel Bad! – Even Tim Geithner, Treasury Under Secretary Can’t Sell His House In This Economy
| The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
| Home Crisis Investigation | ||||
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Message From The InstructorThis workshop will teach you secrets the lenders do not want you to know. You will learn your options, timelines and strategies to navigating a potential foreclosure and become educated on the foreclosure process and timelines. Learn how to stop foreclsoure trashing your credit. Learn the best ways to deal with you lender when facing a foreclosure. Learn about mortgage modifications, forbearances, and repayment plans. You will also get a free “Power Consumer Protection Disk” that is jam packed with forms and information on completing a loan modification and workouts, executing a short sale, names and addresses of lenders loss mitigation departments, pertinent legal information detailing your rights, credit restoration letters and forms, government resources and much, much more.
california association of realtors,market update, market,market statistics,california market statistics,real estate
No More Tax On Forgiveness Of Debt In California
By · CommentsNO MORE STATE TAX ON FORGIVEN DEBT
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 yesterday, 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 principal residence. It includes both first and second trust deeds. It also includes 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 California Franchise Tax Board’s Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service’s Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.
Brought to you by the California Association Of Realtors
Leon C. Williams Certified Foreclosure Specialist Pre-Foreclosure Coach leon@williamslandmark.com Leonsblog Sacramento Short Sale Guru Sacramento Pre-foreclosure Workshop Williams Landmark Real Estate
Sacramento Pre-foreclosure Workshop April 24, 2010, Gives Homeowners Education, Options, Timelines, and Strategies to Fight Back
As our country hemorrhages from a foreclosure crisis of historic proportions, home values plummeting, layoffs the rule instead of the exception and millions of families having lost their homes and millions more just a couple missed payments away from being homeless, one commonsense solution to the foreclosure crisis stands out. That solution is simple, Read More→
Sacramento Real Estate Attorney’s
By · CommentsSacramento Real Estate Attorney’s
Useful to stop Sacramento Foreclosures Read More→
Sacramento Bankruptcy Attorney’s
By · CommentsSacramento Bankruptcy Lawyers
Good to have if last resort in a Sacramento foreclosure situation Read More→
Foreclosure Stop
By · CommentsMost people are under the impression that once a foreclosure starts it can not be stopped. That can not be further from the truth. I call this “The Foreclosure Stop Approach”.
There are several techniques to stopping a foreclosure. Here are seven things you can do to execute the “Foreclosure Stop” approach.
First, there is negotiating with your lender. The typical response from a homeowner when faced with not being able to pay the mortgage is to not anwer the telephone. This technique however is never a good strategy. Lenders rarely cooperate with borrowers who contact them on the eve of a foreclosure sale. Respond to all calls, letters and emails. It is also important to make sure you are dealing with your “current” lender nad negotiate with a spirit of cooperation while talking the lenders language. Bone up on various negotiation strategies.
Second, you can refinance out of your current mortgage. You may not be in the position to affect a typical refinance as your home may be too “Upside Down”. Other questions you may want to ask if you are considering a refinance is; Should you use a Mortgage Broker?; Will you qualify for refinancing?; What kind of loan you should get?; Will the closing costs make it worth while? Make sure that you work with a Certified Mortgage planner to discuss your options.
Third, if you are in the military you might be able to use the “Soldiers’ Civil Act of 1940″ and the Service Members Civil Relief Act of 2003 (collectively called the SSCRA). The SSCRA is the protection of active military personnel and their families from foreclosure. The SSCRA can be used to stop a foreclosure, invalidate a foreclosure sale, or reduce your loan interest rate. You are going to want to find and attorney that thoroughly understands these Acts.
Fourth, you can use the courts to stop a nonjudicial foreclosure. The biggest question here is do you have grounds to go to court. These generally fall into two main categories. 1. Disputes over your state’s foreclosure procedures. 2. Disputes with your lender over the terms of your promissary note and/or deed of trust.
Fifth, you can file Bankruptcy.
Sixth, you can sell your property quickly to stop the foreclosure. If you owe more on your house than it is worth you will have to do what is known as a shortsale.
Seventh, You can give your lender a Deed In Lieu Of Foreclosure. This is essentially just signing the property back to a lender. There are many reasons why a lender would or would not do this, however this article is much to short to go into.
The bottom line is you do have several options to perform a “Foreclosure Stop“. The sooner you act the more options you will have. Learn more by attending the Sacramento Pre-Foreclosure Workshop.
Leon C. williams Financial Strategist Certified Foreclosure Specialist Certified Mortgage Planning Specialist Pre-foreclosure Coach leon@lucafinancial.com Learn more by attending the Sacramento Preforeclosure Workshop.Why Use a Realtor Instead of An Unlicensed Foreclosure Consultant If You Are Short Selling Your House?
Sacramento Foreclosures Statistics
By · CommentsSacramento Foreclosures Statistics will be updated monthly. As more information on Sacramento Foreclosures becomes available we will also show those statistics.
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| Monthly Sacramento Foreclosures Activity | Sacramento Auction Results | |||||
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| Active Auctions | New Notice of Defaults | New Notice of Sales | Cancelled | Sold To Bank | Sold To 3rd party | |
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| 10/31/08-10/31/09 | 4,819 (avg) | 2,132 (avg) | 1,780 (avg) | 414 (avg) | 883 (avg) | 175 (avg) |
| October 2008 | 3,209 | 900 | 1,405 | 496 | 1,149 | 90 |
| September 2009 | 6,389 | 2,006 | 1,849 | 446 | 814 | 270 |
| October 2009 | 6,834 | 1,962 | 1,955 | 414 | 868 | 275 |
| % Chg last 12mos. | +42% | -8% | +9.8% | 0% | -1.7% | +57% |
| % Chg from 10/08 | +99% | +118% | +39% | -16.5% | -24,4% | +205% |
| % Chg from 9/09 | +7% | -2.2% | +5.7% | -7.2% | -6.6% | +1.8% |
Sacramento Pre-foreclosure Workshop February 6, 2010, Gives Homeowners Education, Options, Timelines, and Strategies to Fight Back
As our country hemorrhages from a foreclosure crisis of historic proportions, home values plummeting, layoffs the rule instead of the exception and millions of families having lost their homes and millions more just a couple missed payments away from being homeless, one commonsense solution to the foreclosure crisis stands out. That solution is simple, modify loan terms.
As simple a solution as this might seem, the reasons for the stagnation of action created by the complexity of the monetary forces behind our crisis are not so simple. At one time in our history those that owned the loan also underwrote the risk, collected payments, and adjusted the payments as a borrower’s circumstances changed. It was a time when lenders actually made money when a loan was performing in their portfolio and not selling it on the secondary market as quickly as possible. This frenzy to turn over loans in inventory was like “nitro fuel” that “souped up” the engines of securitization (thousands of loans pooled together) in this country and at the same time fed the hunger for bigger and faster investment returns on a global scale. The result was, the once held notion that there was transparency of ownership became “A thing of the past”.
The By-Product of securitization was the rise of the Mortgage Servicing Industry. According to the Mortgage Market Statistical Annual, the securitization rate of mortgages increased from 56.6% in 1990 to 79.3% measured to 2008. This 3rd party element between the borrower and the entity who actually owns the loan (the investor) is creating problems of epic proportions as we try to solve and get past this crisis in our country. These Servicers hide behind the fact that they do not own the loan and even pretend that they have little or no control over the decisions to modify these loans. This in fact could not be further from the truth.
What is not understood by most is, these large pools of securitized mortgages that are governed by an interlocking set of complex tax and accounting rules repeated in the trusts’ governing documents are not usually prohibited from modifying borrower’s loans. Even though some of these rules restrict the circumstances in which a loan can be modified or create disincentives for loan modifications, the actual owner of the loans have very little say in the decisions to modify a borrower’s mortgage loan. The reality is the Servicer is usually incentivized monetarily to let the home go into foreclosure than to modify the loan.
The Sacramento Pre-foreclosure Workshop was born from the need to empower borrower’s with the education, options, timelines and strategies necessary to combat the Servicers and lending industry. The next Sacramento Pre-foreclosure Workshop will be February 6, 2010 at the Best Western Expo Inn on Howe Avenue. The event will start promptly at 10:30am. Registration for the event can be accomplished by going to www.SacramentoPreforeclosureWorkshop.com.
The Nuestart Family is a team of boutique financial companies synergistically interconnected for the purpose of teaching and providing to their clients the unique concept of Total Asset Optimization. Luca Financial Services, Luca Insurance Services, NueStart Financial Services, Williams Landmark Real Estate and NFS Commercial provide the ability for the clients simultaneously optimize all of their financial assets.
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If you would like more information on this topic or would like to schedule an interview with Leon Williams, please call 916-487-6400 or email leon@lucafinancial.com.
