Archive for March, 2010
$10,000 California Homebuyer tax credit possible to start May 1!
March 31st, 2010 categories: Real Estate news
Have you ever tried to eat your cake and have it, too? I’m sure you’ll try that on May 1, 2010, as many California buyers will feel like lottery winners when it comes to purchasing a house. The reason you might ask? The possibility to receive the federal $8,000 first-time buyer credit combined with the new California tax credit of $10,000. The state allotted $100 million for first-time buyers and another $100 million to anyone who buys a newly built home. California had a round of tax credits last year that proved to be popular; that program ended in July.
The latest incentive picks up where a federal first-time homebuyer tax credit of up to $8,000 is scheduled to leave off when it expires at the end of April. Should the Obama administration extend the federal tax break, that could give homebuyers in California even more reasons to buy. And although the new state tax credit is supposed to take effect one day after expiration of the federal $8,000 tax, if this credit gets extended, then buyers can potentially receive a $18,000 credit depending on their tax brackets and situation, but this could mean serious home buying frenzy!
Meanwhile stay tuned to my blog, and let’s all hope that the federal and state tax credit will overlap for tremendous buyers’ incentives to become homeowners.
For more information on Sacramento real estate, please contact Carmen at 916-342-2446 or e-mail at carmen@carmenmicsa.com. Also to receive free listings, go to www.carmenmicsa.com. And last, but not least be sure to ask for your 7-night cruise when buying with Carmen and her team of experienced agents, as well as a $500 credit to your closing costs if you mention this blog article.
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New Foreclosure/Loan Modification Bill
March 7th, 2010 categories: Real Estate news
SBX8 38 has been introduced in a special session of the state Legislature. The bill greatly enhances the declaration requirements under SB 1137, which became effective last year. For example, prior to recording an NOD, the beneficiary or trustee must send a new notice, in English and the “five other languages”, advising the borrower of the opportunity to request a modification. If the borrower requests a modification and one is not ultimately offered, there are extensive requirements on the lender to explain what alternatives were considered and rejected. Failure to comply with the requirements will result either in statutory damages, if the property was ultimately sold to a bona fide purchaser, or voiding the foreclosure, if the property went back to the foreclosing beneficiary.
For more information on Sacramento real estate, please contact Carmen at 916-342-2446 or e-mail at carmen@carmenmicsa.com. Also to receive free listings, go to www.carmenmicsa.com. And last, but not least be sure to ask for your 7-night cruise when buying with Carmen and her team of experienced agents, as well as a $500 credit to your closing costs if you mention this blog article.
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