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California Governor Gave a Huge Tax Break to Californians by Signing Bill into Law

2010-04-15T16:56:00.000-07:00

NO MORE STATE TAX ON FORGIVEN DEBT

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 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 will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply 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.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.

Odes to the Home Equity Loans: Homeowners are Asking What They Should Do

2009-11-01T22:13:00.000-08:00

The rush to help homeowners pull out the equity out of their homes is long gone. Bank lenders are becoming more and more conservative.

The market for such credit lines, which practically shut down as home prices tumbled, remains tight as a drum despite signs of life in the rest of the home loan market. And offers that let you pay only the prime rate or just above that benchmark are long gone.

According to various reports including the following from LAtimes, one can start seeing the impact on families all over the country:

"The days of lenders falling all over themselves to help you empty the equity out of your home aren't coming back any time soon," said Keith Gumbinger, vice president at loan data tracker HSH Associates.

Even for homeowners with plenty of home equity still available, "access to it is harder to come by," Gumbinger said. "You need to be a much higher-quality borrower now. And if you can get it, the terms are going to be a lot less attractive."

Before the housing boom, home equity credit lines were a cheap way for homeowners to renovate their property, pay college tuition or buy a car. During the boom, they also were often used to make a down payment on a home or to finance a vacation or other indulgences.

"Not Totally Safe but Secure Job with LAPD": LAPD Recruiters Want a Few Good Men and Women to Protect and Serve! Are you One?

2009-01-08T22:34:00.000-08:00

"Not Totally Safe but Secure Job with LAPD": LAPD Recruiters Want a Few Good Men and Women to Protect and Serve! Are you One?

There has been a surge of applications for Los Angeles police officer jobs from September, October, November and December. Recruiters are taking advantage of the sour economy to offer good jobs to all willing to protect the surrounding communities. The message is simple these days, "Being a police officer might not be completely safe, but it is relatively secure..."

These times of economic uncertainty are causing many people apply for the police officer jobs. On the pages of the Daily News and various career websites, the LAPD is always looking for a few good men and women to protect and serve the LA communities. "Never have to face a layoff again! Start your new career today!"

At at a time when various police stations all over the nation are cutting down in order to balance their budget because of lower property taxes revenue and high defaults, LAPD comes out to offer layoff-proof jobs. The question is whether the hundreds and thousands of applicants can cut and survive long enough to wear the LAPD uniform. The statistics are grim, "only one in 10 or 11 applicants ends up in uniform."

It seems that there is a current push to hire as many people as possible in order to meet the 10,000-officer force by the Fall as requested by Mayor Antonio Villaraigosa. Staffing standards require that the department increase its officer ranks.

Officer I jobs promise starting salaries of $56,522 to $75,878 depending on education and experience.

Hurry up, people, put in your application now!

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Bank of America Offers Mortgage Relief

2008-10-08T01:54:00.001-07:00

Facing a lawsuit over the deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people from losing their homes. This announcement from the N.C.-based Bank of America will give relief to a lot of homeowners.

Hope For Homeowners Program Designed to Provide Aid to Distressed Borrowers

2008-10-08T01:05:00.000-07:00

The government starts the mortgage loan swap which lets troubled homeowners stay in their homes. Lenders, rather than borrowers, will decide whether to participate in the program, which requires them to take a loss on the initial loan. The $300 billion, three-year program is designed to help borrowers who owe more on their loans than their homes are worth. To qualify, borrowers must be spending more than 31% of their income on mortgage payments. Loans made this year are excluded, except for those completed on Jan. 1. Borrowers must have made six months of payments on their loans

Here is the gist of the act:

The “HOPE for Homeowners Act of 2008" creates a new program within FHA to back FHA-insured mortgages to distressed borrowers. The new mortgages offered by FHA-approved lenders will refinance abusive loans at a significant discount for homeowners facing difficulty meeting their mortgage payments.

The program is built on five principles:
Long-term Affordability. The program is built on the idea, expressed by Federal Reserve Chairman Bernanke, that creating new equity for troubled homeowners is likely to be a more effective way to avoid foreclosures. New loans will be based on a family’s ability to repay the loan, ensuring affordability and sustainable homeownership.
No investor or lender bailout. Investors and/or lenders will have to take significant losses in order to benefit from the proceeds of the loans refinanced with government insurance. However, these losses would be less than the losses associated with foreclosure.
No windfall for borrowers. Borrowers will share their new equity and future appreciation equally with FHA. Borrowers will pay for the FHA insurance.
Voluntary Participation. This will be a voluntary program. No servicers will be compelled to participate.
Restore confidence, liquidity, and transparency. Credit markets are fearful and frozen in part because banks and other financial institutions do not know what their subprime mortgages and related securities are worth. The uncertainty is forcing lenders to hoard capital and stop the lending necessary for economic growth. This program will create certainty and get markets flowing again.

Program Administration. The new program will be overseen by a Board made up of the Secretary of HUD, the Secretary of the Treasury, and the Chairman of the Federal Deposit Insurance Corporation (FDIC). The Board will have the authority to develop standards within the framework of the legislation.

Eligible Borrowers. Only owner-occupants will be eligible for the new FHA-insured mortgage. No investors or investor properties will qualify. The Board will establish other eligibility criteria, including criteria designed to determine whether borrowers can afford their existing loans.

New Loan Amount. The size of the new FHA-insured loan will be determined by:
The lesser of the amount the borrower can afford to repay, as determined by the current affordability requirements of FHA, taking into account the amount of income available to the family after basic expenses are paid (residual income); or,
The amount of the existing loan minus a discount established through an auction process established by the Board. The auction process will allow for bulk refinances, at a discount, of eligible loans. The federal government will not take possession of the mortgages.
The Board will have flexibility to change the affordability standards to suit circumstances.
In either case, FHA will not insure more than 90% of the current value of the home. Loans must be 30-year, fixed rate loans.

Equity Sharing. In order to avoid a windfall to the borrower created by the new 90% loan-to-value FHA-insured mortgage, the borrower must share the newly-created equity and future appreciation equally with FHA. This obligation will continue until the borrower sells the home or refinances the FHA-insured mortgage. Moreover, the homeowner’s access to the newly created equity will be phased-in over 5 years.

Existing Subordinate Liens. Before participating in this program, all subordinate liens must be extinguished. This will have to be done through negotiation with the first lien holder.

Qualified Safe Harbor. The legislation provides servicers with an incentive to participate in the program by offering a safe harbor against legal liability.

Funding. The Act provides for $20 billion in credit subsidy, which is expected to insure new, affordable loans that refinance approximately $400 billion in troubled mortgages.

Program Sunset. The program sunsets at the end of 2012. Any remaining funds, and future collections resulting from appreciation of FHA-insured mortgages made under this program, will be returned to the government.

New Foreclosure Prevention Affordable Housing Goal for Fannie Mae and Freddie Mac. In addition to the FHA option, the legislation requires the Secretary of HUD, together with the Secretary of the Treasury and the Director of OFHEO, to establish a new Foreclosure Prevention goal for Fannie Mae and Freddie Mac. The two enterprises would be required to purchase eligible loans at a discount, and write down those mortgages to help the families keep their homes. Mortgages would have to be written down according to the same criteria as loans eligible for FHA insurance under this legislation – based on ability to pay, taking residual income into account. OFHEO would be given the authority to require the enterprises to raise additional capital commensurate with the additional risk this new goal may pose.

Financial Difficulties Lead Father to Kill Wife, Mother-in-law and Three Children in California Gated Community

2008-10-06T21:20:00.000-07:00

Financial Crisis Caused Murder-suicide in Paradise

Former PricewaterhouseCoopers and Sony Pictures employee went a killing rampage after being unemployed for several months. The unemployed accounting industry worker became despondent and withdrawn. Living in an upscale, large home in a California gated community, the father could not take it any longer. Watching the credit crunch or contraction and the tight economic market and the changing of Wall Street business model, he realized that his chances of getting a job were almost nil. He could not count on his master's of business administration in finance to get him a job. Ill-advised, he decided to take matters in his own hand. He unleashed all his demons on his unsuspecting family.

Police investigating the case in the San Fernando Valley neighborhood of Porter Ranch found a handgun which was purchased on Sept. 16, 2008. They recovered where the father's body was located. The man used it to kill his 39-year old wife, 70-year-old mother-in-law, and his sons aged 19, 12, and 7. It is worth nothing that the family did not own the home.

The father created hell for his wife and his children as he went from room to room to commit these killings. In his suicide letters, he attests to some financial difficulties, takes responsibility for the taking of his family members and himself as a result of these financial hardships. The financial dealings and situation of his household overwhelmed him.

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Housing Crisis Fueled by Inflated Home Appraisal: Who are Perpetrators and Victims? The Wild West of The Housing Boom Years, Devastation and Impact.

2008-08-19T08:13:00.000-07:00

Housing Crisis Fueled by Inflated Home Appraisal: Who are the Perpetrators and Victims?
The Wild West of The Housing Boom Years, Devastation and Impact.

Many industry insiders just knew that it was just a matter of time. What goes up will have to come crashing down. Indeed, soaring home prices were just setting the stage for this country's greatest housing meltdown. Many onlookers could see that the high home sales were just a game. They were not fair deal. It was clear that the real estate industry was starting to crumble from the inside. Rogue appraisers, real estate agents and bad real estate brokers were running the show. They were making money left and right on the ignorance of unsuspecting homeowners, buyers and sellers. The bankers, mortgage companies and real estate investors appeared ready to make money along the way. Very few people raised their little fingers. Business was good. Since 2005, many potential buyers have been kept out of the market. They were priced out by speculators who flew in and flew out of hot deals and markets all over California. Those who were not too greedy amassed a fortune. Then, they moved this money to other shores or diversified.

Many appraisers were being pressured by all sides to inflate home values. They sometimes quoted prices only aimed at supporting loans that are more than the buyers can truly afford. According to former acting director at the Federal agency charged with monitoring the appraisal industry, Marc Weinberg, the system was completely broken. Since the height of the housing boom (which was fake or based solely on borrowed money), many violations could have constituted the red flags. According to a recent AP investigation, there were complaints that were lodged at the agency, but the lack of agents prevented it from investigating. Since the complaints were uninvestigated for many years, many of the appraisers who were accused of inflating prices continued to commit fraud in the industry.

What are the causes of the current housing crisis? Many will say greed, easy money-making tricks with no regards to the future

Here is a list of some of the perpetrators and victims: They were lenders who allowed people with spotty credit to buy homes with little or no money down, mortgage brokers who focused on selling loans without regard to the borrowers' ability to repay and investment bankers who bought and sold risky mortgage-backed securities. Failure to be able to monitor the real estate appraisals also contributed to the problems we are seeing now. Foreclosures are rampant and continue to destroy communities.

How does the process work? Once an appraiser receives an order from a real estate agent, lender, or mortgage broker to inspect a property, he or she is supposed to use some measurable tools of the trade. He will use the physical inspection of the home and comparable sales in the area to develop an estimated value for the property. What happens when the values of the other properties are not real? The figure the appraisers get will be used by banks to set the home's value as collateral for the mortgage loan. That is why it makes sense for the appraisers to come up with a value free of any outside pressure. In many cases, the appraisers were influenced by owners, buyers and sellers and the rest of the players to produce a number. They know that they are supposed to generate a value free of any outside pressure. Such was not the case in many of the cases investigated by AP. Some appraisers did complain to federal and state agencies about the fraudulent inflation of property values. Oftentimes, appraisers would put each other down in front of the buyers.

Are The New Provisions of Housing-Mortgage Relief Bill For You?

2008-08-02T13:12:00.000-07:00

How many Americans will benefit from the housing-mortgage relief bill signed by President Bush? Well, according to many analysts, not too many people will be able to stay in their house and see their bills paid even when loan servicers and mortgage debt investors did everything they could. Let alone that these people are not required to do anything if they do not want to.

Find out whether you can get something done for your particular case.

The housing bill that Congress passed Saturday and sent to President Bush would:

_Give the Federal Housing Administration $300 billion in new lending authority and relax standards to provide affordable, fixed-rate mortgages to an estimated 400,000 debt-ridden homeowners. Any losses would be covered by an affordable housing fund financed by Fannie Mae and Freddie Mac, the government-sponsored companies that finance mortgages.

_Allow the Treasury Department temporary authority to lend money to Fannie and Freddie or buy their stock to avert a collapse of one or both of the mortgage giants. The authority would expire on Dec. 31, 2009.

_Create a new regulator and tighten controls on Fannie and Freddie, including power for the regulator to approve pay packages for company executives. Create a new affordable housing fund drawn from their profits. Permanently raise the limit on the loans they may buy to $625,000 in the highest-cost areas. Allow them to buy loans 15 percent higher than the median home price in certain cities.

Provide $3.9 billion in grants to the hardest-hit communities for buying and fixing up foreclosed property.

_Modernize the FHA and allow it to back loans for riskier borrowers. Permanently increase the size of loans the agency may insure _ currently set to revert to $362,790 by the end of the year _ to $625,000 in the highest-cost areas. The agency could insure loans 15 percent higher than the median home price in certain cities.

_Forbid the FHA from insuring mortgages in which the borrower's down payment is paid by the seller, beginning on Oct. 1, 2008. Place a one-year moratorium forbidding the agency from charging premiums based on the riskiness of the homeowner, until Oct. 1, 2009.

_Provide $15 billion in housing tax breaks, including for low-income housing. Give a credit of up to $7,500 for first-time home buyers who purchase residences between April 9, 2008, and July 1, 2009. Allow people who don't itemize their taxes to claim a $500-$1,000 deduction on their 2008 property taxes.

_Give states an additional $11 billion in tax-free municipal bond authority for low-interest loans to first-time home buyers, construction of low-income rental housing and refinancing subprime mortgages.

_Offer protection from investor lawsuits for mortgage holders that modify loans to borrowers who are in default or about to default.

_Provide $180 million for pre-foreclosure counseling and legal services for distressed borrowers.

Top-rated Foreclosure Attorneys List: Avoid Bankruptcy and Homelessness

2008-07-30T08:12:00.000-07:00

There is a spike in foreclosure cases. Bankruptcy and foreclosure lawyers are being inundated with new cases. Web sites offering information on foreclosure are also seeing a spike of traffic.

Find a list of Foreclosure and Business Attorneys

Here is what is being reported by many of these sites:

"When the government can't help, a good lawyer sometimes can. The attorneys seeing the largest spikes in business are those who help homeowners handle foreclosures or assist banks and property owners in collecting unpaid mortgages. Eric Appleton, a foreclosure attorney in Tampa who is among the most highly rated in his field on Avvo.com, had more foreclosure cases in a single day recently than he had seen in a whole month last year. "People are most definitely going online to find lawyers to defend themselves against foreclosures," says Appleton, who often represents condominium associations. "It's not uncommon for us to get 10 to 15 mortgage foreclosure [cases] in a single day."

Attorney: David Leen
Law Firm: David Leen & Associates, Seattle, Wa.
Education: University of Oregon School of Law, 1971
Expertise: Represents individuals in foreclosure, predatory lending, fraud, and real estate cases

Attorney: Eric Appleton
Law Firm: Bush Ross, Tampa
Education: University of Florida J.D., 1998
Expertise: Represents Florida property owners and community associations in disputes with lenders and home owners

Attorney: Robert S. Bernstein
Law Firm: Bernstein Law Firm, Pittsburgh
Education: Duquesne University J.D., 1981
Expertise: Bankruptcy law, creditors' rights law

Attorney: David Leibowitz
Law Firm: LakeLaw Bankruptcy Center, Chicago
Education: Loyola University School of Law, 1974
Expertise: Consumer bankruptcy, mortgage defense

Attorney: Steven H. Mezer
Law Firm: Bush Ross, Tampa
Education: Stetson University College of Law, 1977
Expertise: Real estate litigation, foreclosures, collection of assessments, and deed-restriction enforcement

Attorney: Joseph Moldovan
Law Firm: Morrison Cohen, New York City
Education: Brooklyn Law School, 1982
Expertise: Bankruptcy and creditor/debtor rights

Attorney: Paul Riffel
Law Firm: Paul Riffel, Tampa
Education: Stetson University College of Law, 1982
Expertise: Bankruptcy court, family law, real estate

Attorney: Stephen W. Sather
Law Firm: Barron, Newburger, Sinsley & Wier, Houston and Austin
Education: University of Texas School of Law, 1986
Expertise: Bankruptcy law

Find a list of Foreclosure and Business Attorneys

Attorney: Jonathan Stein
Law Firm: Jonathan G. Stein, Elk Grove, Calif.
Education: McGeorge School of Law, 2002
Expertise: Consumer debt

Attorney: Mervin Waage
Law Firm: Waage & Waage, Denton, Tex.
Education: Southern Methodist University
Expertise: Bankruptcy, debt

Donald Trump and Pete Sampras Show The Market for Celebrity Homes is Hot

2008-07-23T09:09:00.001-07:00

If you did not hear the news about the record amount Donald Trump made on a home bought on the cheap side when he recently sold it to a Russian billionaire for $25 million? Now read this about Pete Sampras, the famed and retired Tennis player.

Tennis star Pete Sampras has sold his Beverly Hills home after dropping the price from $25 million to $23 million, which is what the MLS says the place fetched.

Sampras recently expanded and remodeled the English manor, adding lots of detailed finishes throughout. The estate, walled and gated, sits on more than an acre of landscaped grounds that include -- surprise! surprise! -- a north-south tennis court. Did the Great One ever play on it?

The 10,376-square-foot, two-story house has five bedrooms and 12 bathrooms. There is a detached guesthouse and a separate gym. The main house includes a home theater and an office-library; the master bedroom suite has his-and-hers bathrooms.

Sylvester Stallone Bought Thousands Oaks Lakefront Property for $7.2 Million

2008-07-23T09:02:00.000-07:00

Stallone is adding to his group of homes. He is not new to the area. He already had a property in Hidden Valley. Celebrity homes cost a lot. Just like Donald Trump, they stand to make a lot of money when selling them.

Sylvester bought a property with 500 feet of lake frontage that was listed at about $5.5 million and the adjacent lot, giving him another 150 square feet of frontage, that was listed at about $1.7 million

Celebrity Property: Who Would Like to Live in a Paparazzi's Home?

2008-07-23T08:56:00.000-07:00

Boris Nizon, president and founder of Fame Pictures, a Santa Monica-based photo agency that chases celebrities around and then sells their pictures to fan magazines and websites, has listed his Beverly Hills home for sale at $3,495,000.

It seems that it pays well to be a paparazzi. Look at the description of his home.

The house, built in 2006, has five bedrooms and 5 1/2 bathrooms in 4,300 square feet. There is a grand foyer with a floating staircase and crystal chandelier. The gourmet kitchen has Viking appliances and granite countertops and a breakfast area that leads out to a patio and a tropical pool with rock formation waterfall and spa. There is a balcony off the master suite

Legendary DJ, music producer, re-mixer and record mogul Paul Oakenfold Ready to Sell Hollywood Hills Home for $10 Million

2008-04-07T17:02:00.000-07:00

The market for exclusive and pricey homes is not down yet. Go to the Hills and find out for yourself. Celebrity homes are hot properties. Everybody wants to buy them. That is if you are among the few multimillionaires who can afford them.

Paul is ready to sell his four-bedroom home which includes a private spa and bleachers that have views of the Hollywood Bowl stage. French provincial in style, the three-story, 4,500-square-foot house was built in 1949 but was updated a few years ago. It also has a recording studio. The home has offices, a kitchen with a loft; six bathrooms, a master-bedroom suite with a fireplace; a grassy lawn, a pool, a spa and those bleachers, from which to view the Bowl. The home has sightlines from almost directly above the Hollywood Bowl to the L.A. Basin. If you are up there, you can watch anything that is on stage.

Additional Information:

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Spider man 3 Star, Tobey Maguire, Bought Brentwood Home for $9.7 Million

2008-04-07T16:37:00.000-07:00

Tobey Maguire can laugh all the way to the bank. He has laughing any way. He is now a happy man after buying a new home in Brentwood, CA for $9.7 million for his family. He is not new to making real estate deals. According to West Side Real Estate agents, the actor previously bought a home site for $10 million. In 2002, he also bought a Hollywood Hills home for $3.7 million that he sold in 2007 for $11 million. He is deep into the real estate market. He is investing his money in great homes of value. His star power is also selling these homes like hot potatoes.

Maguire married the daughter of Ron Meyer, Jennifer. Ron Meyer is the president and chief operating officer of Universal Studios.

Tobey Maguire appeared in the following movies just in case you want to watch him: "The Cider House Rules" (1999), "Seabiscuit" (2003), "The Good German" (2006) and the "Spider-Man" series.

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10,000-square-foot French Regency-style Compound on a 1.5-acre Ocean Bluff in Malibu SOLD!

2008-04-07T16:13:00.000-07:00

Who said that the housing market was down? Well, the residential market is not that bad for the rich, the super rich. It is a good time for them to buy. After all, some of these mansions and compounds appear to be appreciating. They do not lose their value. A case in point is this 10,000-square-foot French Regency-style Compound on a 1.5-acre. James and Eleanor Randall bought it for $14 million.

The house, built in 2002, has six bedrooms and seven bathrooms, two guesthouses, coastline views, a glass mosaic pool, a tennis court, a 1,500-square-foot master bedroom, heated mosaic floors and a private staircase to the beach.

The power couple bought the home as their Summer home. Mr. Randall is in the aerospace rivet industry. According to the Randall Foundation (www.randallfoundation.com), here is what we know about the couple:
"In 1971 Mr. James H Randall purchased Allfast Fastening Systems, Inc. from American Electric, Inc. In 1974 James H Randall/Allfast purchased the solid rivet manufacturing division from Olympic Fastening Systems. Also in 1974, Allfast began making blind rivets. In 1987 James Randall acquired the blind rivet division of Voi-Shan Fastening Systems. In 1989, Mr. Randall acquired the blind rivet and tooling divisions from Olympic Fastening Systems. In 1999, James H Randall purchased Briles Rivet. In 2002, he acquired Aerospace Rivet Manufacturers. In 2007, an additional 60,000 square feet were added to the facility to expand shipping and receiving, packaging and warehousing for VMI and min/max inventories. By adding footage to the facility it’s made more room for capital equipment and new products which are planned for introduction in 2008. With 19 patents and 21 trademarks, James H Randall and Allfast Fastening Systems are the leading provider of solid and blind rivets and tooling for the aerospace industry."

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Pregnant Nicole Kidman and Husband Keith Urban Bought $7 Million Home in Brentwood, CA

2008-04-07T15:51:00.000-07:00

Nicole Kidman and star husband, country music singer Keith Urban bought Brentwood Home.

Pregnancy has a way of making people go back to the comfortable, the known world or the more secure one, at least. That is what is happening to Nicole Kidman, Tom Cruise's ex. Now she has always known that Brentwood is the place to be. After splitting from Tom Cruise, Nicole moved out of Brentwood. She traveled a bit to Australia and other places, dated a few guys including the legendary rocker, musician, Lenny Kravitz. Then, she met current the famous musician, singer who would become her husband, Keith Urban. Together, the two decided to move back to Brentwood. Nicole knows Brentwood very well. She knows it is a safe place for her new baby.

Nicole Kidman lived in the hills for years before splitting with Tom Cruise in 2001. The power couple is ready to settle into their $7-million, contemporary-style home. The 5,600-square-foot Brentwood house, built in 1964, has five bedrooms, 4 1/2 bathrooms, walls of glass, city views, rolling lawns, koi ponds and the privacy of living at the end of a cul-de-sac. Kidman sold the last home she had in the neighborhood about four years ago for $10.5 million, area realty agents said.

Nicole will soon star in a new movie where she will play the role of Valerie Plame. She is not new to motherhood. Kidman, 40, has two other children, whom she adopted with Cruise. She owns a house in Sydney, Australia, where she was raised. Urban, 40 was born in New Zealand. How in the world did he grow up with country music? Well, he is a top country singer now.

Get more info right here:

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CreditCrunch Back-to-Basics Lending: Lenders Say No Mas to Mortgages with Zero-down Payment

2007-09-10T17:49:00.000-07:00

CreditCrunch Back-to-Basics Lending: Lenders Say No Mas to Mortgages with Zero-down Payment

First-time buyers are in it for a rude awakening. They will be required to put down up to 3 % down on their mortgage deal. The percentage may be different if it has to do with a jumbo loan of more than $417,000. It is the time to go back to the basics of lending championed by Fannie Mae and Freddie Mac in the mid-1980s. Lenders are taking measures to eliminate zero down-payments these days. It is a clear sign of the credit crunch this country is going through. Lenders are not willing to take risks any longer. Most buyers or consumers will have to have a credit score of 700 to even consider negotiating. Remember that the score of 850 is considered optimal. If borrowers are in the 300 credit score, they do not even need to show up these days. Lenders will examine the borrowers' credit history which usually has some inaccuracies. Borrowers should be ready to fix, dispute and correcting any errors found in the reports issued by the credit bureaus. Only after doing all of that, will borrowers have a chance to see their scores boosted and secure better loans. For some time to come, jumbo loans or mortgages of more than $417,000 will be out of the question for many borrowers.

As long as the credit squeeze continues, lenders will continue to minimize their loss. Due to foreclosures and the depreciation in home values, many homeowners who used to pay their bills are finding themselves in a tight impasse. They figure it is easier to just walk out of their loans.

http://www.geocities.com/openhouselead/boomrealtyhomes.html

What You Can Do to Avoid Foreclosures: Foreclosures Prevention Tools and Other Ways to Get out of Financial Funk

2007-09-10T17:46:00.000-07:00

Questions on Foreclosures Answered Here:

What You Can Do to Avoid Foreclosures: Foreclosures Prevention Tools and Other Ways to Get out of Financial Funk

President Bush recently announced that the Federal Housing Administration will begin a program to allow homeowners who have good credit but can not afford their mortgages to refinance to FHA-insured mortgages. In the meantime, there are a few things you can do to avoid foreclosure on your property. Any homeowners should start taking matters in their own hands. Way before foreclosure is lurking around, they need to start consulting with their lawyers or credit counselors. The easiest thing they can do is to contact their mortgage lender. Who else knows better than the mortgage borrowers themselves? They need to call the loan servicer before they start falling behind. It will be pretty hard to catch up once payments are late.

Here are a few ways to avoid foreclosure: Refinancing may be considered if you have enough equity in the home. Even if you do not have equity, try it any way. The process may be more difficult though. You can persuade the lender to modify the terms of the loan. You can sell the house of file for bankruptcy protection as in filing Chapter 13. There is no easy way out. No easy option for sure. Homeowners who are facing foreclosure should never ignore letter from lenders. They must try to update their phone records in case the lenders want to contact them. Borrowers or homeowners should remember that the banks or lenders or investors do not want to own your own. They do not want to declare foreclosure on your property because of all the costs and time involved. All you have to do is to make a good gesture. They need to know that you are not going to run away and that they can keep your words.

Homeowners can look for some resources such as the Neighborhood Assistance Corporation of America, which has aligned itself iwth Citigroup and Bank of Ameirca to pledge $1 billion for people at risk of losing their homes. They can contact the department of housing and Urban development, Freddie Mac's guide to avoiding foreclosures, NeighborWorks America's Center for Foreclosure Solutions and the Federal Trade Commission's fact sheet "Mortgage Payments Sending You Reeling? Here's what to do."

Lenders can also make arrangements for a forbearance or repayment plan. A forbearance is a suspension or reduction of monthly payments until the borrower regains financial footing. With a repayment plan, the missed payments are spread out over time. The borrower has to pay them in addition to the regular mortgage. Borrowers can also look at "short sale" which is an arrangement in which the lender allows the sale of the property for less than is owed. This process may take some time too. Not too many lenders are willing to do this. Patience will pay off in the end. Cash-strapped borrowers may think about a "deed in lieu of foreclosure." That means that the lender is given ownership rights without the shame of a foreclosure.

The Salvaterras Bought New Home in Hancock Park

2007-09-10T17:43:00.000-07:00

Fast Food Nation Producer and Nickelodeon Executive, Chris Salvaterra, Sold Home in L.A.'s Venice section

Chris Salvaterra and his wife, writer, Marjorie, sold their refurbished, contemporary Venice-based home to director Robert Schwentke and his wife Jen Howard. They sold the home for which has five bedrooms, three bathrooms and sits on 2,600 square feet for $1.6 million.

The Salvaterras bought a new dig in the Hancock Park section of Los Angeles.

Style Maven Cojo Got New Dig in the Hills

2007-09-10T17:40:00.000-07:00

Cojo or Steven Cojocaru, style maven and fashion critic by excellence, has been ready for a change of cribs. He wants to go the Hollywood Hills to rub shoulders with his peers. He is buying a contemporary house with city views and a pool for about $4 million.

The home has five bedrooms and four bathrooms in what amounts to 4,000 square feet. The Midcentury Modern has been remodeled. Cojo used to appear on NBC's "Today" show for about four years. He was serving as People Magazine's West Coast style editor. He then became a correspondent on "Entertainment Tonight" in 2003 and the "ET" spinoof series "The Insider" in 2004. What is Cojo doing these days? Well, you may find him picking the latest decorations for his new crib.

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Actress Catherine Bell Bought New Home

2007-09-10T17:38:00.000-07:00

Actress Catherine Bell and her husband, actor Adam Beeson put their home in nearby Calabasas on the market for $3.25 million. The two have owned the one-story, nearly 6,000-square-foot villa for about two years. The couple is anticipating their move to South Carolina where the Lifetime series is filmed. Actress Catherine Bell co-starred for nine seasons on "JAG." She is now a star on "Army Wives." Bell, 39 and Beeson, 38, bought the Calabasas home when it was being built. The home is located in a gated community. It sits on about one acre, has a screening room, five bedrooms, six bathrooms and superb mountain views. Who else is selling and buying new homes?

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Paris Hilton has a new address in Hollywood Hills

2007-09-09T22:02:00.000-07:00

First it was sister Nikki. Then it was Paris who bought a home after getting out of jail. Now the Simple Life superstar and Vegas highlighter bought a new home in the Hills. She may not have liked her home too much. She listed it for $ 4.2 million and purchased a new home in more private area. "After she returned to her home in the busy Sunset Strip area of the Hollywood Hills, she listed it for $4.25 million and purchased a home on a street less traveled for $5.9 million. The asking price was $6.25 million. Hilton bought in the Beverly Hills Post Office area and, as she desired, in a gated community."

Hilton's new home was built in 1991 and has five bedrooms and six bathrooms plus separate guest quarters and an office in 7,400 square feet.

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Angela Bassett and Courtney B. Vance's Home is For Sale: Get to Know The Home

2007-08-13T01:17:00.000-07:00

Are you ready to buy this home for $6 million? It is worth every penny. Find out why the couple is selling. They have twins through a surrogate. So they have more needs.

The compound they are selling has a 5,000-square-foot main house, built in 1940, with five bedrooms and six bathrooms. It has such features as a hair salon, a gourmet kitchen, an elegant foyer, a master-bedroom suite and parklike grounds. The couple added a detached 2,500-square-foot building that has an office, gym and guest quarters.

Who is Angela Bassett?

Bassett, whose breakthrough role was playing Tina Turner, starred opposite Laurence Fishburne in the movie "Akeelah and the Bee" (2006). She also appeared opposite Whoopi Goldberg in "How Stella Got Her Groove Back" (1998).

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Homebuilders Offer Mortgage only to Push It Down The Throats of Unsuspecting Buyers who Can Not Afford It

2007-08-05T14:35:00.000-07:00

The reckoning time has arrived. Homebuilders have created a monster that wants to swallow their business. It has also created a major headache for many ordinary folks.

Many observers are now saying that it was written the boom would come to an end. It was just a matter of time. In addition to banks and conventional lenders, homebuilders entered the prosperous field of mortgage to make money. The result are half-completed, half-empty houses and subdivisions all over California and the Central Valley.

In addition to spitting out subdivisions, many of which now stand half-empty, builders jumped into the mortgage business to a degree they never had. Wall Street provided the same encouragement it offered other lenders. Even as the housing supply began to exceed demand last year, builders kept sales brisk by pushing adjustable-rate, interest-only, and other risky loans. In some cases they attracted clientele who couldn't afford conventional mortgages. In others, builders allegedly violated federal lending standards to get customers to sign on the dotted line. KB Home (KBH ) paid a record $3.2 million settlement in July, 2005, to resolve allegations by the Housing & Urban Development Dept. that the builder's mortgage unit overstated borrowers' income, among other practices, to obtain loan approvals. KB, which denied wrongdoing, sold its loan business before settling.

Additional Resources:

California, Central Valley's Hot Home Bargains

No Health benefits, No Severance Package, Nothing: American Home Mortgage Investment Corporation Closed Its Door

2007-08-05T14:16:00.000-07:00

The rumors turned to founded news. They also turned to fears for many of American Home Mortgage employees who received their last check on this fateful day. No benefits, no severance package. Nothing. Yet, they have mortgage to pay too. There is no way they could see this coming. Workers were cleaning their cubes and offices. Many observers attributed the company’s undoing to the weakening of the real estate market and of the secondary mortgage market, the commerce in financial instruments built from bundled mortgage obligations, which was American Home Mortgage’s specialty.

Now many homeowners who have their mortgage through this company have to find a new one. American Home Mortgage bailed out or checked out.

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