Diana Margala's Blog - Archives June, 2010

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Home : Blogs : Diana Margala : Diana Margala's Blog : Archives June, 2010

The New Mortgage Forgiveness Act for California - 06/03/10 04:00 PM

In the News is the Mortgage Forgiveness Act for California which was signed into law.. 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 Who qualifies are residences that are the principal residences and if the 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. Taxpayers who … (0 comments)

Making Home Affordable Porgram will it work? - 06/03/10 03:57 PM

There are many questions that have been asked about the new program that is being released April 10, 2010 know as The Making Home Affordable Program as part of the Obama Administrations plan. The Home Affordable Foreclosure Alternative program (HAFA) is the newest program. It has been said that 85% (across the United States) of all loans are covered by this program and is mandatory by any lender who participates in the HAMP program. About 20% of those homes qualify for a loan modification trial (it's all about the documentation), unfortunately the success rate of those going from the trial modification … (0 comments)

Manipulated Seller's Market in the Inland Empire - 06/03/10 03:51 PM

Looks like the inventory is still causing it to be a type of seller's market (with the banks controlling most of the homes for sale weather it be foreclosed homes or short sales, in my opinion it is a manipulated seller's market). The banks not letting some of their inventory hit the market coupled with the banks increased willingness to work with homeowners on short sales and loan modifications, it appears that there is more stability in pricing. As long as the interest rate remains low, the affordability is high, which means that more people can afford the average price of … (0 comments)

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Diana Margala

Upland, CA

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