swose's posterous

California won’t tax forgiven mortgage debt

Governor Schwarzenegger on Monday signed SB 401 (Wolk) into law providing distressed homeowners with state tax exemption on debt forgiven in a short sale, foreclosure, or loan modification. Effective immediately, this bill generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a qualified principal residence, borrowers now will be exempt both from federal and state income tax consequences. The tax exemptions apply, with certain restrictions, 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.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

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JUST LISTED!! 330 Rosebriar Place - Lathrop $187,900

Hello everybody, we are putting 330 Rosebriar Place in Lathrop on the market today. We have a list price of $187900, built in 2006, 2344 sq ft, 4 beds, 3 full baths, new appliances in kitchen. B of A pre-approval required with offer.

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Realty 1 Team Newsletter

April 2010

Dear Friends,

As a real estate agent, I devote extra attention to issues facing struggling homeowners. But any homeowner should know that the FBI has reported a 400 percent increase in mortgage fraud cases from five years ago. Sadly, some people are preying on those who need help the most.

If you or anyone you know is going through a mortgage-related transaction, there are some "red flags" to be aware of. I created a report on my website that gives examples of what fraud cases the FBI has been noticing.

Please send anyone here who needs this free information:

http://www.ShortSaleinTracy.com/

If you have any questions about mortgage scams, or if anyone you know needs legitimate, professional help with avoiding foreclosure, please don't hesitate to contact me. I'm here to help.

Ron & Sandy Wose
Realty 1 Team
(209) 836-1000

Walking Away Is Not the Answer

You may have heard that a "strategic default" can be an appropriate and even beneficial reaction to an upside-down mortgage or impending foreclosure. While this idea is widespread, the truth is that default is never an easy road to choose, and rarely ever strategic.

Unfortunately, the ramifications of a "strategic default" are rarely explained, leaving many homeowners stranded on an island of misinformation. To assist you, I've prepared a free report outlining the benifits of Short Sale vs. Foreclosure.

Purchase a Home for as Little as $100 Down.

For a limited time, $100 down payments are available to owner-occupied home buyers when purchasing a HUD home for full price and using an FHA-insured new home loan. For more information and homes available in your area please visit

www.View-Homes.com

Coming Soon! 330 Rosebriar Ln, Lathrop

Bedrooms:4

BathRooms: 3

Size: 2,344 sq. ft.

Lot Size: 0.09 acres Year Built: 2006

Beautiful home featuring a formal living and dining room, fireplace in family room, spacious master suite, inside laundry room.

Click to View all our listings

www.TourRepoHomes.com

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rosebriar

Realty 1 Team

3284 W. Grant Line Rd
Tracy , California 95304
Realty 1 Team
209-836-1000

Sandra Wose

CA LIC: 00572131

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Buy HUD homes for as little as $100 down OAC.

In California, you can purchase a HUD home with only a $100 down payment.
First, here is a brief (and very simplified) introduction to HUD homes. When someone purchases a home using an FHA loan, the loan is insured by FHA (which is a part of HUD). If that borrower defaults on the FHA loan, HUD becomes the new owner by foreclosure. HUD does not wish to be a property owner, so they place these homes back on the market for sale.
In California, HUD and FHA have a program where you can purchase a HUD home using an FHA mortgage for only $100 down payment (instead of the ususal 3.5%). You have to qualify for the FHA loan, just like you would for any other (non-HUD owned) home.
This program is only available for owner-occupants and the earnest money requirements must still be met. This $100 down payment incentive not only applies to "FHA ready" homes but also to FHA repair loans.

If you would like more information on any of these propertys please contact:

RONALD WOSE

REALTY 1 TEAM
209-321-8307
RON@REALTY1TEAM.COM

CONTRA-COSTA

Property Case	Address	Price	Bed/Bath	List Date	Bid Deadline	Eligibility
042-801692	1080 Twinbridge Court BRENTWOOD, CA 94513	$220,000	3/2.5	02/19/10	Daily	All Bidders

Status:	Active
Lot Size:	27007
Year Built:	2005
Type:	Single Family House
List Date:	1/26/2010
Parking:	3
MLS#:	40447760

swose's posterous

California won’t tax forgiven mortgage debt

JUST LISTED!! 330 Rosebriar Place - Lathrop $187,900

Realty 1 Team Newsletter

Buy HUD homes for as little as $100 down OAC.

Coming Soon!! 330 Rosebriar PL, Lathrop Ca.

NEW LISTING! 28140 Zephyr Dr, Tracy CA

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