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CA SHORT SALE LAW UPDATES FROM http://www.shortsalesoc.com/
7/15/2011: NO DEFICIENCY JUDGEMENTS ALLOWED ON JUNIOR LIENS Gov. Jerry Brown signed SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans. Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens. The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference. SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lien holders -- those in first position and in junior positions -- will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property. SB 458 contains an urgency clause making it effective upon signing.
1/1/2011: NO DEFICIENCY JUDGEMENTS ALLOWED ON ALL 1ST LIENS IN CA. Senate Bill 931 (SB 931) pertaining to California short sale deficiencies was signed by the Governor on September 30th. Beginning January 1st, 2011 any first mortgages that accept a short sale will not be able to obtain a deficiency judgment against a seller after the completion of a short sale . If a lender provides written consent to a short sale on a first mortgage, they lender must accept the sales proceeds as full payment and discharge the remaining balance due on the loan. The new law will apply to all first mortgage loans secured by one to four residential units, including purchase money, hard money and refinanced loans. This law does not apply to 2nd or any other junior lien holders. Also, the new law does not prevent the lender from seeking damages for fraud or waste by the borrower.
2007: Mortgage Forgiveness Debt Relief Act of 2007 ****(Expires 12/31/2012)**** You may not have to claim income from forgiven debt after a short sale. If you are a homeowner whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness (Taken From IRS.gov).
1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.
2. The limit is $1 million for a married person filing a separate return.
3. You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.
4. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence.
5. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
6. Proceeds of refinanced debt used for other purposes -- for example, to pay off credit card debt -- do not qualify for the exclusion.
7. If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.
8. Debt forgiven on second homes, rental property, business property, credit cards or car loans do not qualify for the tax relief provision. In some cases, however, other tax relief provisions -- such as insolvency -- may be applicable. IRS Form 982 provides more details about these provisions.
9. If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
10. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.
The Short Sale Services I offer:
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Attorney Negotiated Short Sale Service at No Cost To Homeowner
- Free, Confidential, and No Obligation Consultation at your home.
- No Cost to you. The bank will pay the all the commissions and closing costs.
- No Obligation. Cancel your listing at any time.
- Weekly Updates on the status of your Short Sale.
- You may still pursue a loan modification during the short sale process.
- Industry proven short sale system with a 97% success rate.
- Experience. I've worked with all the major lenders.
- You may remain in your home during the short sale process.
- Discreet Sales Process. No one will know your home is for sale. (some restrictions apply)
- I am sympathetic to your needs and I will hold your hand the entire time.
ContactTopOrangeCounty Short Sale Realtor Mike Pahua at 949-309-2400
Now is the time to short sale if you think you may lose your home. With SB 931 and SB 458 protections along with the Mortgage Debt Forgiveness Act, now is the time. You can vitually walk away from you home via a short sale and not look back. Contact Top Orange County Short Sale Realtor Mike Pahua for more info on if you may qualify for a short sale.
CA SHORT SALE LAW UPDATE:
7/15/2011: NO MORE DEFICIENCY JUDGEMENTS ALLOWED ON CA SHORT SALES
Gov. Jerry Brown signed SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.
The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference. SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders -- those in first position and in junior positions -- will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.
SB 458 contains an urgency clause making it effective upon signing.
Mike Pahua
Realty One Group
949-309-2400
dre # 01461649
Get more info about me and these short sale protection laws at, http://www.ShortSalesOC.com
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Mike Pahua - The Pahua Group | Realty ONE Group | info@pgcoastal.com | (949) 309-2400 |
2554 Elden Ave A104, Costa Mesa, CA | | Mike Pahua - Top Costa Mesa Real Estate Agent
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| 3BR/2+1BA Townhouse
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| Year Built | 1978 | | Sq Footage | 1,471 | | Bedrooms | 3 | | Bathrooms | 2 full, 1 partial | | Floors | 2 | | Parking | 2 Car garage | | Lot Size | Unspecified | | HOA/Maint | $330 per month |
DESCRIPTION
| Recently remodeled corner unit townhouse in desirable East Side Costa Mesa.Property features 3 beds,2.5 baths with approx 1500 sqft & plenty of light & ocean breezes.The exterior boasts a private brick entry patio, private access to garage & private path to the huge rear patio.Lush & mature landscaping complete the private compound feel.Recent hoa work includes paint, roof, roll-up garage door and pool updating.Downstairs you will find an updated kitchen with corian counters, subway tile, swan style faucet, pushbutton disposal, newer appliances & fresh paint throughout.Living room is accented w/ a brick fireplace surrounded by built-ins that extend the entire span of the wall and french doors that open to the huge rear patio.Powder room has an updated vanity w/ granite counters and wainscoting.Pergo floors complete the lower level.Upstairs has 3 beds with window treatments, ceiling fans, and new carpet.Master suite features a full bath w/ separate vanity,walk in closet & view deck | | |
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| PROPERTY FEATURES
| - Central A/C |
- Central heat |
- Fireplace |
| - Walk-in closet |
- Living room |
- Breakfast nook |
| - Dishwasher |
- Refrigerator |
- Stove/Oven |
| - Microwave |
- Washer |
- Dryer |
| - Laundry area - inside |
- Balcony, Deck, or Patio |
- Yard |
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| COMMUNITY FEATURES
| - Garage parking |
- Guest parking |
- Swimming pool(s) |
| - Sauna/Spa |
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| ADDITIONAL PHOTOS
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Contact info: |
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Mike Pahua - The Pahua Group |
Realty ONE Group |
| DRE Lic # 01461649 |
info@pgcoastal.com |
(949) 309-2400 |
For sale by agent/broker | |
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| Equal Opportunity Housing
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| Posted: Jul 14, 2011, 5:45pm PDT |
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LUXURY ORANGE COUNTY REAL ESTATE SEARCH. BANK OWNED FORECLOSURES AND PRE-FORECLOSURE SHORT SALES ARE INCLUDED. Pictures, Address, Maps and More.
USE THE LINKS BELOW TO VIEW LISTINGS.
WE SPECIALIZE IN THE FOLLOWING AREAS:
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3 Bedroom • 1 Bath • Single Family
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1960 |
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1202 |
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Great HB Location. Ranch style SFR with 3 bedrooms and 2 baths. Total square footage is 1202 + 300 (approx) for an enclosed patio. Total lot size is 7000 sqft. This corner lot is paved and gated for RV storage. The interior boast hardwood floors, tile throughout and some dual pane windows. The huge kitchen is remodeled with maple cabinets and granite counter tops (Bosch cook top, GE Profile dishwasher, trash compactor and double oven). The kitchen has been customized to house a full sized front loading washer and dryer. The enclosed patio has built-in cabinets and an entertainment center for double use as a family room and/or office. The rear yard has a built-in barbecue and patio area. The side yard is set with a 4 foot built-in waterfall feature along the retaining wall. The RV parking will accommodate up to a 45 foot camper.
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23044 VIA CEREZA, Mission Viejo CA
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$154,900
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2 Bedroom • 1.5 Bath • Single Family
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1971 |
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1022 |
| Bedrooms: |
2 |
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1 Full, 1 Half |
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GREAT LOCATION IN COMPLEX. NICE KITCHEN, WITH UPGRADED CABINETS AND COUNTER TOPS. CERAMIC TILE FLOOR IN KITCHEN AND DINING ROOM. REMODELED BATHROOMS, ENCLOSED PATIO FOR ENTERTAINING AND BBQ'S ONE CAR ATTACHED GARAGE. LAUNDRY ROOM IS IN GARAGE. PLENTY OF GUEST PARKING.
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124 CINNAMON TEAL, Aliso Viejo CA
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2 Bedroom • 2 Bath • Single Family
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1988 |
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852 |
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Wonderful upstairs end unit with view of green belt/courtyard area. Outstanding value for this open floor plan offering a large living room and dining room area. The kitchen opens up to the main living area, and features a built-in microwave oven. Recent upgrades include brand new designer travertine flooring in all common areas and bathrooms, plantation shutters, newer six panel doors/hardware and refaced kitchen cabinets. Full size laundry area closet. Spacious master suite boasting large walk-in closet and master bath with roman soaking tub, newer vanity with travertine counter top. Large patio overlooking greenbelts with mature trees and awesome location with no homes directly in front. Convenient one car garage plus one assigned parking space. Enjoy resort style association amenities with pool & spa. Mello Roos is $570.34 per year.HOA pays water and trash.3rd Hoa is $72 per Quarter. TOTAL HOA IS $364 per month.
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2336 ELDEN Avenue, Costa Mesa CA
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2 Bedroom • 2 Bath • Single Family
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1981 |
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1344 |
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Very private end unit condo in exceptional neighborhood in East Side Costa Mesa, a mile from the Back Bay. Kitchen features custom concrete counter tops, high end stainless steel appliances, bamboo floors and recessed lighting. Two master suites, each with full bath and lots of storage. This tri-level floorplan is ideal for roommates. Lower level bedroom, bathroom, and private patio can be accessed from garage or front door without entering main living space. Main level features skylights, vaulted ceilings, tall windows and plenty of accent lighting. The living room and dining room are separated by a wood/gas burning fireplace. This condo has interior washer and dryer hook-ups and a direct access two car garage.
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Mike Pahua (949) 309-2400 Orange County Short Sale Specialist
Call for your FREE no obligation short sale phone consultation. View my Short Sale success stories and gets answers to frequently asked questions at: www.ShortSalesOC.com
REMEMBER...... You may only get ONE chance to do a short sale so you need to make sure you are working with an experienced professional. If you don't use me be sure the agent you do use can PROVE his/her short sale experience. Helping homeowners and closing their short sale equals experience! Simply paying a couple hundred dollars for a short sale course and earning a short sale title does not equal experience.....Beware.
Last but not least.... Doing a short sale is FREE to you. Agent commissions and all your closing costs are paid for by the lender!
Here's just a short list of my recently closed short sales:
Irvine: Sold for $613,000 / Owed $630,000 / Lender was WMC Mortgage
Mission Viejo: Sold for $580,000 / Owed $760,000 / Lender was Southstar Funding
Santa Ana: Sold for $380,000 / Owed $589,000 / Lender was SBMC Mortgage
Irvine: Sold for $530,000 / Owed $651,500 / Lender was Lehman Brothers / Aurora
Costa Mesa: Sold for $385,000 / Owed $529,500 / Lender was Bank of America
Mission Viejo: Sold for $560,000 / Owed $812,000 / Lender was Fremont
Orange: Sold for $525,000 / Owed $705,000 / Lender was Clarion Mortgage
San Clemente: Sold for $166,000 / Owed $247,200 / Lender was Loan Link Financial
Aliso Viejo: Sold for $432,280 / Owed $567,000 / Lender was Mylor Financial
Lake Elsinore: Sold for $176,000 / Owed $371,990 / Lender was Wells Fargo
Westminster: Sold for $225,000 / Owed $344,000 / Lender was First Franklin
Huntington Beach: Sold for $560,000 / Owed $710,000 / Lender was Bank of America
Corona: Sold for $300,000 / Owed $ 693,000 / Lender was Bank of America
Garden Grove: Sold for $199,000 / Owed $440,000 / Lender was Bear Stearns
Menifee: Sold for $262,000 / Owed $555,000 / Lender was American Mortgage
Fountain Valley: Sold for $245,000 / Owed $421,200 / Lender was Chase
RSM: Sold for $115,000 / Owed $269,950 / Lender was Clarion Mortgage
Irvine: Sold for $680,000 / Owed $739,000 / Lender was Citibank
Winchester: Sold for $240,000 / Owed $465,500 / Lender was Southstar Funding
Irvine: Sold for $241,500 / Owed $462,600 / Lender was Nations Choice Mortgage
RSM: Sold for $301,000 / Owed $402,500 / Lender was Mortgage IT Inc
Anaheim:: Sold for $282,000 / Owed $540,000 / Lender was Chase
Laguna Niguel: Sold for $242,500 / Owed $475,000 / Lender was Bank of America
La Palma: Sold for $256,000 / Owed $327,000 / Lender was American Mortgage
More to Come!
Find out more about me at www.ShortSalesOC.com
Mike Pahua
Top Orange County Short Sale Realtor
Top 1% of Realtors Nationwide (really!)
Realty One Group (949) 309-2400
ca dre # 01461649
SHOULD YOU SHORT SALE YOUR HOME? CLICK HERE FOR EVEN MORE INFO FROM TOP SOCAL SHORT SALE REALTOR
The Short Sale Services I offer:
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Free, Confidential, and No Obligation Consultation at your home.
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No Cost to you. The bank will pay the all the commissions and closing costs.
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No Obligation. Cancel your listing at any time.
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Weekly Updates on the status of your Short Sale.
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You may still pursue a loan modification during the short sale process.
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Industry proven short sale system with a 97% success rate.
- Experience. I've worked with all the major lenders.
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You may remain in your home during the short sale process.
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Discreet Sales Process. No one will know your home is for sale. (some restrictions apply)
-
I am sympathetic to your needs and I will hold your hand the entire time.
Please remember that experience counts. In most cases, you will only get 1 chance to complete a short sale. Hiring the right agent makes all the difference.
The more time you have the better your chances are for a successful short sale.
I urge you to contact me as soon as possible to schedule a Free, No Obligation Consultation.
I only need about 5 minutes to determine whether or not a short sale could work for you.
You have nothing to lose, please call me. I can help. Mike Pahua
SHOULD YOU SHORT SALE YOUR HOME? CLICK HERE FOR EVEN MORE INFO FROM TOP SOCAL SHORT SALE REALTOR
Frequently Asked Questions (FAQ) about Short Sales:
A. A short sale is the process by which a homeowner can sell a house for less money than he actually owes on the mortgage(s). If the bank approves the discount on the mortgage, the home can be sold for a lower price without the seller having to come up with cash to cover the shortfall, and the mortgage is satisfied and the foreclosure process stops.
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Q. Who pays the fees in a Short Sale?
A. The lender will pay all the real estate commissions and the closing costs for the seller. The lender will often pay back property taxes and past due association dues if applicable. On rare occasions, the lender will require that the seller contribute something ($1,000 - $3,000) to the second lien holder (if any).
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Q. How do I qualify for a Short Sale?
A. The most important factor in qualifying for a short sale is having a legitimate hardship and being able to prove your inability to repay your loan(s). The short sale process is complex and often frustrating for the seller. It is important that the seller is flexible with the lender?s documentation requests and timelines.
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Q. What is a legitimate Hardship?
A. Your financial hardship can take many forms. The most common hardships include one or more of the following. Job Loss or Reduction of Income, Divorce, Illness, Mortgage Payment Increases, Debt Increases, etc? Every home owner?s situation is different so you are encouraged to call for a confidential consultation.
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Q. How long does a Short Sale take?
A. My quickest approval on a short sale took 8 business days (Citibank). My longest approval on a short sale took 18 months (Bank of America). Each lender has a different process and often the timeliness of a short sale is dictated by the individual bank negotiator we are assigned to.
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Q. Why would a bank agree to a Short Sale?
A. For a lender, doing a short sale avoids many of the costs associated with the foreclosure process. Attorney fees, delays from borrower bankruptcy, damage to the property, repair costs associated with resale, additional property tax, property insurance, etc. all must be paid by the bank during a foreclosure until it?s resold. In a short sale, the lender is able to cut its losses by getting rid of the property faster and avoiding many of the expenses.
Mike Pahua
The Pahua Group
Realty ONE Group
(949) 309-2400 Office
Dre # 01461649
*This is not meant to be a complete or exhaustive advertisement about short sale or foreclosures. Nor, are we giving legal or tax advice in any way. Every situation is different and you are encouraged to obtain legal and tax advice from the appropriate professionals prior to pursuing the services of a short sale agent.*
SHOULD YOU SHORT SALE YOUR HOME? CLICK HERE FOR EVEN MORE INFO FROM TOP SOCAL SHORT SALE REALTOR
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Mike Pahua - Orange County Short Sale Realtor
Irvine,
CA
More about me…
Orange County Real Estate
Address: 4010 Barranca Parkway 120, Irvine, CA, 92604
Office Phone: (949) 309-2400
Cell Phone: (949) 309-2400
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