News

Short Sale Fraud

September 13, 2013|  Article By :   | 

I. GENERAL OVERVIEW Just as REALTORS® struggled with loan fraud during the subprime heyday, they now face the rampant growth of short sale fraud in the subprime aftermath.  Short sale fraud comes in many shapes and sizes to wreak havoc on the unsuspecting sellers, buyers, and agents, often at the most...

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Taxation of Foreclosures and Short Sales

September 13, 2013|  Article By :   | 

Introduction This legal article discusses the income tax consequences to the borrower in the event of a foreclosure on the borrower’s property, in the event the borrower transfers title to the lender as part of an agreement with the lender (deed-in-lieu of foreclosure), and if the borrower sells the property...

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California Homeowner Bill of Rights

September 13, 2013|  Article By :   | 

All eyes in the nation now turn to California as Governor Jerry Brown signed into law today the Homeowner Bill of Rights to help struggling Californians keep their homes. This law aims to avoid foreclosure where possible to help stabilize California’s housing market and prevent the other negative effects of...

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Deficiency Judgment Chart After Foreclosure

September 13, 2013|  Article By :   | 

This legal chart is intended to provide a quick and easy guide to determine when a borrower may be liable for a deficiency judgment after foreclosure.  There are other factors and conditions which may change the result such as fraud by the borrower and bad faith waste.  For information on deficienciesafter a...

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Homestead

September 13, 2013|  Article By :   | 

I. Introduction The primary purpose of the California’s homestead law is to protect a person or family’s residence from certain types of creditors.  It allows debtors and their families to remain in the home in some situations even when a sale of the home could pay off the creditors. Generally,...

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Mediation for the Consumer

September 13, 2013|  Article By :   | 

Introduction In recent years, our society has seen a dramatic increase in litigation. Turning to the courts to resolve disputes seems to be an almost instinctive reaction these days. However, the sobering reality is that lawsuits can be financially and emotionally draining for the participants, and can even impact our...

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Small Claims Court

September 13, 2013|  Article By :   | 

INTRODUCTION Small claims court provides a way for persons to resolve disputes within its jurisdiction without the cost and time that regular court proceedings normally entail. Attorneys may not represent plaintiffs or defendants in small claims court which reduces costs as there are no attorney fees.  Also the proceedings are...

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Water-Conserving Plumbing Fixtures

September 13, 2013|  Article By :   | 

Introduction California  law requires property owners (for properties built before 1994) to install water-conserving plumbing fixtures by 2017 for single-family properties and by 2019 for other properties ). Additionally, if a property is altered or improved after 2014, then water-conserving plumbing fixtures must be installed as a condition of final...

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Property Tax Exemptions from Reassessment

September 13, 2013|  Article By :   | 

I. Introduction Ordinarily, when the ownership of California real property changes, the property is reassessed at its current fair market value and the new owner pays property tax based on the reassessed value.  However, the law provides certain exemptions from reassessment and, in certain instances, allows a taxpayer to transfer...

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Capital Gains Tax and Health Reform Act

September 13, 2013|  Article By :   | 

I. Introduction The Taxpayer Relief Act of 1997 (the “1997 Act”) and the IRS Restructuring and Reform Act of 1998 (the “1998 Act”) provide for an exclusion from income for certain amounts of gain from the sale of a principal residence. The Mortgage Forgiveness Debt Relief Act of 2007 (the “2007 Act”)...

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