Comments on: Details on the Housing & Mortgage Relief Bill http://socalrealestatenews.com/blog/details-on-the-housing-mortgage-relief-bill/ Real Estate News and Perspective from the Front Lines Wed, 16 May 2012 10:59:34 -0700 hourly 1 http://wordpress.org/?v=3.1 By: Lamont Dorrance http://socalrealestatenews.com/blog/details-on-the-housing-mortgage-relief-bill/comment-page-1/#comment-152281 Lamont Dorrance Sat, 21 Apr 2012 06:57:01 +0000 http://socalrealestatenews.com/blog/?p=213#comment-152281 Most of the comments here are not content related, so I suggest to the poster to filter a non-spam comments. Thanks. Most of the comments here are not content related, so I suggest to the poster to filter a non-spam comments. Thanks.

]]> By: FB Timeline http://socalrealestatenews.com/blog/details-on-the-housing-mortgage-relief-bill/comment-page-1/#comment-130827 FB Timeline Mon, 02 Jan 2012 16:28:28 +0000 http://socalrealestatenews.com/blog/?p=213#comment-130827 In hindsight, it looks like this plan of Obama's isn't working out that well. In hindsight, it looks like this plan of Obama’s isn’t working out that well.

]]> By: Dave Emerson http://socalrealestatenews.com/blog/details-on-the-housing-mortgage-relief-bill/comment-page-1/#comment-1222 Dave Emerson Thu, 14 Aug 2008 17:54:31 +0000 http://socalrealestatenews.com/blog/?p=213#comment-1222 Pamela, Re 1099s: I'm not a lawyer or a CPA, but it's my understanding that the income tax for mortgage relief is being waived for some sellers for 2008. If the home's your personal residence and it's your purchase loan that's foreclosing and the bank takes it back before year-end, I'm pretty sure you'll be OK, but you really should have an attorney or tax person familiar with the law review your specific situation. As for the deficiency judgment, that's a whole different matter, as I understand it, and varies from state to state, so I doubt that would be covered by a federal law. In California, I can't remember encountering a lender who went for a deficiency judgment after a routine foreclosure on a personal residence. That's more common on commercial loans for larger properties. Generally, the lender's recourse is only to the real property. Hope that helps. Pamela,

Re 1099s: I’m not a lawyer or a CPA, but it’s my understanding that the income tax for mortgage relief is being waived for some sellers for 2008. If the home’s your personal residence and it’s your purchase loan that’s foreclosing and the bank takes it back before year-end, I’m pretty sure you’ll be OK, but you really should have an attorney or tax person familiar with the law review your specific situation.

As for the deficiency judgment, that’s a whole different matter, as I understand it, and varies from state to state, so I doubt that would be covered by a federal law. In California, I can’t remember encountering a lender who went for a deficiency judgment after a routine foreclosure on a personal residence. That’s more common on commercial loans for larger properties. Generally, the lender’s recourse is only to the real property.

Hope that helps.

]]> By: Pamela Mendoza http://socalrealestatenews.com/blog/details-on-the-housing-mortgage-relief-bill/comment-page-1/#comment-1221 Pamela Mendoza Thu, 14 Aug 2008 17:25:54 +0000 http://socalrealestatenews.com/blog/?p=213#comment-1221 Is it true that on December 2007, President Bush signed a bill preventing Mortgage companies from taking court action (deficiency judgement suit) against people who had lost their homestead in Foreclosure? nor give them a 1099 form for the amount of this deficiency so that they will have to pay it in taxes? Please advise. Thanks Is it true that on December 2007, President Bush signed a bill preventing Mortgage companies from taking court action (deficiency judgement suit) against people who had lost their homestead in Foreclosure? nor give them a 1099 form for the amount of this deficiency so that they will have to pay it in taxes?

Please advise.

Thanks

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