san jose loan modification: No state taxes for Foreclosure and short sales in California any more - 04/09/10 07:03 AM

Good news for San Jose, California homeowners who lost their homes in Foreclosure and Short sales. As reported by LA Times the measure, which is expected to be signed by Gov. Arnold Schwarzenegger, would waive California state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. So far, the amount waived has been considered taxable income under California law. The measure passed Thursday would eliminate that tax when a bank agrees to accept less than what is owed on a home.
This is a big news for thousands of Californians whose homes were foreclosed on or sold … (2 comments)

san jose loan modification: CalHFA announces $700 million to assist California Homeowners - Will it work? - 03/06/10 07:48 AM

The California Housing Finance Agency (CalHFA) today announced that it will develop innovative initiatives to use nearly $700 million in new federal funding to help California’s neediest homeowners struggling with mortgages payments remain in their homes.
In addition to California, the funds will support efforts in Arizona, Florida, Michigan and Nevada. All five states have seen average home prices decline by 20 percent or more. In the early 2007, California's median home price was $484,000 before dropping to a low of $221,000 in April 2009 - a drop of more than 50%. Since then, the price has started to stabilize … (0 comments)