Getting help from Fannie Mae

Are you a homeowner facing foreclosure on the Westside of Los Angeles? Attempting a loan modification and finding the process overwhelming? Well, now there is help for financially strapped borrowers right here in Culver City. Government-sponsored entity Fannie Mae, which owns over 40% of home mortgages in the country, has opened a facility here to provide free and comprehensive counseling to troubled borrowers. The objective, according to Jeffery Hayward, a Fannie Mae senior vice … [Read more...]

Calif. enacts tax forgiveness on mortgage debt

IRS taxes

If you have suffered a short sale, foreclosure or loan modification, here's some good news: Most taxpayers can now exclude canceled mortgage debt income up to $500,000. The limit is $250,000 for married/registered domestic partner (RDP) individuals filing separately. The California law created by SB 401 now brings us into conformity with the federal debt-forgiveness laws and applies to debt forgiveness in 2009 and through 2012. However, California's limits of qualifying principal residence … [Read more...]

First Time Homebuyer Credit ending in April!

First Time Homebuyer Credit is close to the end of Congress Extension. Home buyers!! It is time to stop sitting on the fence and make your purchase in order to take advantage of the first time home buyers tax credit. Basic Facts: Must purchase by April 30, 2010 Must close by June 30, 2010 First-Time Home Buyer Tax Credit of up to a maximum of $8,000 Current Home Owners Tax Credit of up to a maximum of $6,500 Both require purchasing a home between November 7, 2009 and … [Read more...]

Where to File a Complaint if you have been a Victim of Real Estate Fraud?

Homeowners resources for Real Estate and Loan Modification Fraud: File a complaint with the California Attorney General's Office. 1800-952-5225 File a complaint with the Federal Trade Commission. If your complaint is against a real estate broker: Department of Real Estate. If your complaint is against an attorney: State Bar of California website. You may also wish to consider filing a Small Claims Court action. These are informal courts where disputes are resolved quickly and … [Read more...]

Federal Mortgage Tax Cancellation Relief Now Extended

The rules for Federal Mortgage Cancellation Relief Now Extended enacted in 2007 were scheduled to expire December 31, 2009. The relief package enacted shortly before the 2008 election extended the relief through December 31, 2012. If the short sale seller satisfies the requirements they will continue to receive tax relief when a lender cancels all or some portion of the debt associated with their principal residence. In a short sale normally debt forgiveness results in taxable … [Read more...]