If you are thinking about a short sale you need to read this!

It's been my understanding that the IRS has "waived" the "gain" of a short sale - it was just for a short time period, etc so read up on the details at irs.gov.

In all my short sales, I've only had one bank negotiate a deficiency judgment but read on:

A Short Sale May Not Mean You're Home Free - WSJ.com

Financially troubled borrowers may think that foreclosure or a short sale of their home means their mortgage woes are over.

Not necessarily.

Some homeowners are finding that when they sell their homes for less than the outstanding mortgages -- a so-called short sale -- their mortgage companies are going after them for some or all of the difference. Mortgage companies are also sometimes taking legal action to recover unpaid amounts after a foreclosure is completed.

Bernanke agrees - the market is looking up!

Bernanke says U.S. recovery ahead, housing near bottom

WASHINGTON (Reuters) – Federal Reserve Chairman Ben Bernanke told Congress on Tuesday the three-year U.S. housing bust may be near a bottom and that he expected the recession to end this year barring a relapse of the financial crisis.

I am glad this didn't pass - but the margin is pretty thin...

I believe in business people determining business details - not judges.

In real estate we find judges that are making a civil judgment on real estate matters and don't realize the laws in place. My fear is that if we give too much power to bankruptcy judges the money supply will decline - raising rates and making it more difficult for borrowers.


'Cramdown' Crammed Down in Senate -- For Now - BusinessWeek

'Cramdown' Crammed Down in Senate -- For Now

Posted by: Theo Francis on April 30

In a vote of 45-51, the Senate rejected legislative language that would have given judges the right to modify mortgages in bankruptcy, including by reducing principal, lowering interest rates or extending a loan’s term.

Just don’t expect it to vanish entirely.

DALLAS SCAM

Just heard about this through our neighborhood watch:

SCAM about repairmen alleging they saw animals entering houses through holes in chimney,shingles, etc. They gain access to your house or get on your roof and you
wind up with a large repair bill...probably for doing nothing. Please alert
your neighbors to this scam.

Just a pretty facade for a failing bank

I know I get sucked in by a name; Mr Big [I know, I know - he finally came through in the movie] The Titanic, Jumbo Shrimp. Here's another name that was just a pretty facade: Beverly Hills Bank.

DSNews.Com Default Servicing In Print and Online - Formerly REO Magazine

No acquiring institution could be secured for First Bank of Beverly Hills in Calabasas, California. The FDIC has approved the payout of the bank's insured deposits. First Bank of Beverly Hills had total deposits of $1 billion, of which the FDIC estimates $179,000 were uninsured. The bank also had total assets of $1.5 billion. The FDIC said the failure of First Bank of Beverly Hills will cost the agency approximately $394 million. The last bank to be closed in California was Merced's County Bank on February 6, 2009.

I LOVE this stuff - How the heck did they do that!!??

How do folks come up with this stuff??!! If Ray Tate was smart enough to come up with this fraud, why couldn't have been smart enough to have made more money doing it??!!



Couple returns home to find someone else living in it - San Jose Mercury News

Couple returns home to find someone else living in it
By Kurtis Alexander, Santa Cruz Sentinel
Posted: 04/26/2009 08:18:49 PM PDT
Updated: 04/26/2009 10:04:31 PM PDT

Two years ago Tom Decker and his wife, Maria McArthur, bought an old home on a wooded lane in the Santa Cruz Mountains they thought held promise of becoming the perfect retirement getaway.

The East Bay couple knew the house, acquired for a modest $50,000, came with its share of problems, like a slipping hillside in the back and other government-required fixes. While Decker says he was prepared to tackle the repairs, the two could not have been ready for what they now say stands between them and their dream home.

A week ago, after many long weekends spent driving from their primary residence in Pleasanton to improve the new property, the couple returned to the Ben Lomond house and discovered someone else had moved into the home.

The cars in the driveway weren't theirs, their belongings had been stacked in the garage and their keys no longer fit the locks, they said. And worse yet, upon arriving at the property on Hubbard Gulch Road, the couple says, a man emerged from the front door.

"We said, 'This is our home,' and he said, 'This is my home,' " Decker said. "We were dumbfounded."

More Turn Around Talk

You know, I said it first but John agrees with me :-)

Biz break: Cisco CEO foresees economic turnaround in 8 or 9 months, optimistic about stimulus plans - San Jose Mercury News

Biz break: Cisco CEO foresees economic turnaround in 8 or 9 months, optimistic about stimulus plans

Compiled by the Mercury News
Posted: 04/24/2009 01:50:43 PM PDT

This too shall pass: Cisco Systems CEO John Chambers said today he believes the global economy will begin to recover in December or January.

That view is based on the performance of the stock market and his personal experience, Chambers told reporters at a news conference in Mexico City. The remarks have no bearing on Cisco's financial results, he said.