John M. (Livermore CA).

A: As a Realtor I need to to tell you that we are not qualified to give tax advice,

the answer may depend on which state you are in, whether the loan is a first or second mortgage.

You should contact a tax advisor, or check with the IRS.

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Lovely home, move in ready. 4 bedrooms 2.5 bathrooms. Signature built and priced to sell.

Tour this home

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In November congress extended this credit and made it more generous.  It is a true dollar for dollar credit of up to $8000 for 10% of the cost of the home. The credit is also refundable, meaning that even if a buyer doesn’t owe $8000 of tax, he or she can claim the full benefit and receive a refund check!

Who do you know that may buy their first house in 2010?

If you have lived in your existing home for 5 of the last 8 years then you too qualify for a $6500 credit.

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Unlike other banks Wachovia is streamlining the short sale process and in fact the approval time required is usually 30 days or less. Wachovia have local staff in Pleasanton dedicated to reviewing and approving short sale applications. Their requirements are a executed purchase offer and a short sale package completed by the seller.
Do you have a Wachovia or Wells Fargo mortgage and are you considering a short sale? If so let us know, our experienced staff can expedite the process at no charge to you.

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The new statistics take into account single family detached homes as well as condos.

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new paint and carpet and new stove included. This home is priced to sell. A regular sale, no bank or mortgage company to deal with!

Remodeled kitchen and baths, a fantastic buy at $329,950! Virtual Tour

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First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill Thursday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

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1/ Banks are Overwhelmed.

Hundreds of homeowners have applied for modification on their loan terms. Banks simply do not have the staff to cope with the volume of applications. Systems are not in place to deal with the workload. Added staff are untrained and lack some basic understanding of the real estate industry. Often bewildered homeowners are switched between departments, given conflicting instructions by different bank contacts and are left feeling angry and frustrated for good reason.

2/Web sources reveal that of those loans already modified over the last 24 months, roughly 75% are already in default!

This is cause for concern for the banking industry and may be a big reason for their reluctance to provide modifications.

3/Banks really dont want to provide modifications!

Although they are required to address every applicant, it may be that most banks will prefer to foreclose and recover the property

because it may be a better financial decision for them when it comes to showing debt and assets on a year end balance sheet. This may be why they do not want to modify terms.

What about those successful modifications?  There are some of course however the majority of these only ‘adjust’ the terms of the loans for example the term of the loan my be extended from 30 to 40 years, no reduction of the loan balance is usually provided.

BEWARE scam artists that will ask for money upfront to deal with your lender. Money upfront = SCAM, dont do it!

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