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Showing posts from October, 2013

CAR Distressed Property Session - Sacramento (August 2013)


Servicer must respond within 72 hrs of receipt o f docs
$3000 max for relo$6,000 max subordinate lien holderFNMA/FDMC own 88% of all notes in USwant 120%, 31 day decisionHAFA is can provide info on loan mod scams  ________________________________________________________________________
Shane Hartzley
877-827-3702 for Escalation for learning center and webinars

Goal is to stop foreclosureUnemployment program for HomeownersHAFA for peopleupside down on houseHO who cannot qualify for modificationHO moved and needs to sellavailable for primary, rental and vacant homes$3000 relo$8500 cap on 2nd lien holdersSS Terms can be preapprovedForeclosure process stoppedDocs RMA, No income, SSA, DIL, RAS, AltRASS, Optional30 day decisionAuto Hardship ifreduced income620 score or less90+ day delinquencyexcessive debt ________________________________________________…

Taxes & Real Estate Transactions by Dennis Bean, CPA (7/19/13) (California)

Taxes & Real Estate Transactions
Dennis Bean

CHC General Meeting Speaker
First American Title, Fresno, CA

Distinguishing Gains from Cancellation of Indebtedness and Dealing with Tax Liens
Gross Income
According to IRC Sec 61, gross income means all income from whatever source derived including the following:Gains from Dealings in Property (Deed in Lieu, foreclosures, short sales, etc are all sales for tax purposes)Income from discharge of indebtedness (Debt resolved fro less than full amount owed)Exclusions from Income108 - Safe Harbors of IndebtednessTitle 11 case (BKCY)InsolvencyFarm IndebtednessReal Property Business IndebtednessQualified Principal Residence IndebtednessAcquisition Indebtedness not to exceed $800,000 in CAIncludes debt to acquire, construct or substantially improve the principal residence of the debtor, secured by the property.Principal residence same test as under the IRC 121(Exclusion of gain on sale of personal residence) (N/A to 2nd homes)Includes r…

May 2013 CAR Joel Saylor Economic Update Sacramento

California Association of Realtors
May 2013
Joel Saylor
Economic Update

Recovering Market
up 34.2% statewide
Job loss down
Housing is in it's lowest supply since 2005
Discrepancy between Housing starts v Demand
First time home buyers having difficult time qualifying for loans\

8 in 10 Renters still want to Buy a home (81% believe in home ownership)
They believe a home is still a good long term investment
24% choose to rent
70% of sales are Equity

American Dream v Deficit Reduction
MID Mortgage Interest Deduction will go away, not equal in all states
if passed, it could really affect the incentive in home ownership, 71% oppose it

GSEs own 70% of all notes
FNMA/FDMC profited largely in 2012, reducing debt of 2009 quickly

Long Term Future of Brokerage
Disintermediation of FB, Google, Bookstores, Zillow, etc
Trust will become a huge issue
Customer Expectations will be critical - HO does not believe we have their best interest at heart
Realtors will become the next Trav…

Fresno Housing recovers with Sales and Prices making Gains in 2014

Real Estate: Housing recover to continue with sales and prices making gains in 2014
by BoNhia Lee on October 8, 2013 A pent up demand for homes will continue to help the California housing market recover next year even as government leaders remain at odds about the federal budget. Home sales are expected to increase 3.2% statewide next year to about 444,000 units, according to the 2014 housing forecast from the California Association of Realtors. That’s a modest increase from the projected 2013 sales figure of 430,000 homes. The median home price is forecast to increase 6% to $432,800 in 2014 following a projected 28% increase this year to $408,600. Fresno County’s median home price in August was $184,000. “As the market continues to improve, more previously underwater homeowners will look toward selling, making housing inventory less scarce in 2014,” said Leslie Appleton-Young, the association’s vice president and chief economist. \ Some things to keep an eye on include…

Big banks feeling the pinch of decline in mortgage lending

THE WASHINGTON POSTBig banks feeling the pinch of decline in mortgage lendingPaul Sakuma/AP - JPMorgan Chase on Friday reported a third-quarter loss after a big charge for legal expenses. By , Published: October 11
Mortgage production at JPMorgan Chase and Wells Fargo fizzled in the last quarter, the banks said Friday, as fewer borrowers sought to refinance their home loans amid rising interest rates.
The slowdown for the nation’s largest mortgage lenders reflects a shift in the housing recovery, which has largely been relying on refinance activity. Industry analysts anticipated the boom to peter out this year as the number of loans eligible for interest rate reductions dropped. But some suspect that the Federal Reserve’s signal this spring that it could reduce its stimulus program hastened the decline. More business news U.S. markets open lower as lawmakers continue impasse Lori Montgomery and Rosalin…

World Leaders Press the US on Fiscal Crisis

World Leaders Press the U.S. on Fiscal Crisis Jonathan Ernst/Reuters Christine Lagarde, the I.M.F. chief, said a “lack of certainty” threatened the global economy.
By and NATHANIEL POPPERWASHINGTON — Leaders at World Bank and International Monetary Fund meetings on Sunday pleaded, warned and cajoled: the United States must raise its debt ceiling and reopen its government or risk “massive disruption the world over,” as Christine Lagarde, the fund’s managing director, put it.       
Graphic The Back and Forth Over the Shutdown
The fiscal problems of the United States overshadowed the official agendas for the meetings, with representatives from dozens of countries — including two of Washington’s most important economic partners, Saudi Arabia and China — publicly expressing worries about what was happening on Capitol Hill and in the White House. The leaders came to Washington to talk about the international recovery, Ms. Lagarde said in an interview on the NBC New…