Many homeowners are asking the question–Will the Mortgage Debt Forgiveness Act be exended past 2012? We don’t have any solid answers yet. For those of your who do not know, the Mortgage Debt Forgiveness Act is summarized below (from IRS.gov)

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.
The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.”

We work with a great group of attorneys at BPE Law Group and their lastest prediction is below. It really depends on the election too. See what BPE Law Said below:

DEBT FORGIVENESS RELIEF EXTENSION – We are still waiting for any confirmation that the Debt Forgiveness Relief Act will be extended beyond it’s current December 31st expiration date. The Senate Finance Committee approved a bipartisan bill before heading home for summer recess that would extend the Mortgage Forgiveness Debt Relief Act through 2013. This will go to the Senate in September; President Obama has included the extension in his 2013 Budget proposal that would extend it through 2014; but nothing has passed into law as yet. The big question is where does Mitt Romney stand on this issue. So far, he’s remained silent.

We will continue to keep you posted on this issue as we get more information. If you or anyone you know has questions about their property, please call or email us 916-779-6706 or jenica@jenicawilliams.com. We look forward to being a resource for you!

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Short Sales!

by admin on September 21, 2012

Many of your know we specialize in short sales and can help anyone you know who is looking into this option. Some tips are below on how your can best prepare to short sale your home to make the process as smooth as possible.

  • contact us early-please do not wait until your foreclosure sale date is set as that is sometimes too late for us to step in
  • keep your utilities and HOA dues current on your home-some banks will not pay if these get behind
  • make sure to tell us about any other liens or judgements you may have including any child support you may be responsible for
  • keep the home in good condition and occupied if possible throughout the listing
  • open your mail and send our office anything you may be getting from your bank

There are many things in a short sale that are our of our control. If we as agents and sellers are proactive about what we can control, us as Realtors can keep our focus on what we are best at~negotiating with the banks.

We look forward to being a resource for you! Please contact us at jenica@jenicawilliams.com if you or anyone you know has any questions or 916-779-6706.

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Loan Modification, Principal Reduction, Short Sale, Foreclosure–Know your options on April 21st!

January 25, 2012

Our vision behind Mortgage Solutions Forum and the Sacramento Foreclosure Prevention Workshop is to help struggling homeowners understand their options. After being educated regarding loan modifications, shorts sales, deed in lieu, and foreclosures – you can make a strategic decision concerning your unique situation.   During our workshops we typically discuss the following: Loan Modification […]

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Upcoming Sacramento Foreclosure Prevention Workshop Jan 19th–FREE for consumers-over $300 value

December 6, 2011

To register visit http://mortgagesolutionsforum.info/. This workshop is for anyone facing foreclosure or soon to be facing foreclosure/missed mortgage payments, or anyone who wants to know what their options are with an “upside down” (you owe more than what it is worth today) home. Topics to be covered: Loan Modification Short Sale Deen in lieu of […]

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Don’t wait until it is too late

November 21, 2011

Many people call us when they are behind on their mortgage unaware of their foreclosure timeline. Below is a picture of how the foreclosure timeline works. When you stop making payments, the foreclosure process technically begins. As you get behind on your payment, you lender(s) start sending you threatening letters with accelerating clauses calling the full balance […]

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Short Sale Lender Response to New Law

September 16, 2011

I recently blogged about the new Law SB 458 here and how this new law was going to be great for short sale sellers because it would do two things. First, it would stop banks from trying to collect money from sellers to complete a short sale and second, it would stop all first and second lenders […]

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Thur. Sept 22nd FREE Community Workshop–“How to Survive in this Foreclosure Crisis”

September 16, 2011

On Sept. 22nd Mortgage Soutions Forum will be holding yet another workshop with a well known CPA–Dona Riolo, Attorney-Alex Munn of BPE Law, Loan Officer-Chris Stahl as well as myself and my Realtor Partners Mark and Suzanne Rentz. The purpose of this workshop is to inform people of their options when facing foreclosure. There are so many people […]

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California SB 458~Good news for Sacramento Short Sales!

July 20, 2011

  Governor Jerry Brown signed into law SB 458 on July 15th. This bill will prevent second mortgage holders from pursuing a borrower after the closing of a short sale for the remaining balance on a loan. This is an extension of the current bill SB931 that is for first mortgages in California. The new […]

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Short sales and bankruptcy–how in the world do they work?

May 17, 2011

   I just ran into a situation with buyer clients of mine that I thought was worth sharing. My clients have been patiently waiting on a short sale for a few months and the sellers ended up filing for bankruptcy during the time they have been waiting and we just found out. In most cases, […]

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June 23rd @ 7pm-workshop you don’t want to miss!

May 17, 2011

This workshop is entirely informational and 100% FREE. Register online here. Enter flyer code “2121″ during registration. What: Sacramento’s Foreclosure Prevention Workshop Who: Experienced Real Estate Attorney, Mortgage Lender, Accountant and Realtor ALL specializing in foreclosure prevention Where: Summit Funding Building 3620 American River Dr. STE 150 Sacramento, CA 95864 When: June 23rd, 2011 @ […]

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