South Gate, California (Downey, CA)
By Aida Pinto, Real Estate Broker (562) 884-6196
(Independent Real Estate Broker)
The decision to do a short sale or walk away is not any easy one!   I urge you to first look into all your possibilities before you make your decision. First, let me start out by saying that you will not be liable for any income taxes since the passage of the 2007 Mortgage Relief Tax law, but this law will expire in 2012. So any short sales or foreclosures after 2012, you might end up owing taxes on the debt forgiven. Even if this law didn't exist, if you do a short sale over a foreclosure--you still end up winning because your tax liability will be less on a short sale than on a foreclosure (for transactions closing after 2012). A foreclosure is something you DO NOT want on your credit. It will stay on your record for 10 years vs. a short sale will stay on 5-7 years. With a short sale,...
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By Carlos Arvizu, (R.V. Zoo)
(Carlos R. Arvizu Sr. with Prudential California Realy)
Why is Conforming Loan Limits a concern?What is a Conforming Loan Limit, and what's so important about it.  As far as what is a Conforming loan amount.  I live in California, it is considered a high cost area, and  the average median price home is approx. $588,000 as of August 2007.  That can change somewhat, as prices go up or down.  Having said that,  the Federal Government mandates Conforming Loan Limits that Fannie Mae and Freddie Mac are allowed to purchase on the secondary market.  Currently the maximum Conforming Loan Limit is set at $417,000 for 2006 for California, anything over the $417,000 Fannie & Freddie will not purchase, that's considered a Jumbo Loan.  If the Loan can not be purchased by Fannie & Freddie, the bank or financial institution is stuck with the loan, and can ...
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Downey, CA Real Estate Professionals