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Don’t miss this unique opportunity to own a rarely available single story in the desirable South
Livermore neighborhood of The Oaks.
1089 Old Oak Road has been meticulously maintained and well enhanced.
Featuring 3 bedrooms and 2.5 bathrooms, built in BBQ and outdoor fireplace, sparkling pool with waterfall and so much more!
Offered at $899,000.
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.
(Source: California Association of Realtors)
Please contact me with any questions you may have about short sales or foreclosures or about how this new law may impact you.
WHEN: THIS SATURDAY April 10, 2010 from 10am to 2pm.
LOCATION: Keller Williams Realty Parking Lot
5994 W. Las Positas Blvd. Near the corner of West Las Positas and Hopyard Rd.
Click here to see map of location.
From Hopyard Rd go EAST on Hopyard Rd. (Away from the Foothills)
Turn right into the 1st driveway and follow the signs to the shredding trucks.
DETAILS: United Shredding Company will have a certified shredding truck in the Keller Williams Parking lot. Your documents will be shredded on the SPOT. Don’t worry about staples or paper clips.
DRAWING: enter to win one of 4 $50 gift certificates for the ELEPHANT BAR Restaurant in DUBLIN.
If you do not plan to stop by on Saturday, you may enter the drawing simply by emailing me. In the subject line, please write “Shred-A-Thon drawing” and include your name, email address, contact phone and mailing address.
Email: roy [at] dronkers [dot] com
Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.
Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010.
Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.
(Source: California Association of Realtors)
It’s a great time to buy. Contact me to discuss your personal situation.
The Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae and 
Freddie Mac since early last year. The purchase program has helped maintain low interest rates for borrowers. As planned, the Fed this week announced it will stop purchasing these securities at the end of this month. Many analysts anticipate this will result in a slight rise in rates by year’s end.
Interest rates have hovered at or near historic lows for much of the past 18 months, resulting in lower payments for many borrowers. With the Fed discontinuing its purchase program, some analysts believe a rise in interest rates could range from 0.25 percent to as much as 1 percent by the end of 2010.
The federal tax credit for home buyers also is scheduled to end April 30. The tax credit combined with the expectation interest rates will increase has created a sense of urgency for many home buyers. In fact, 23 percent of California home buyers purchased a home in 2009 due to the perception that interest rates will rise and they would be priced out of the market, according to C.A.R.’s 2009 Survey of California Home Buyers.
Rising interest rates will have an effect on home buyers. For example, a qualified couple with a combined pretax income of $100,000 per year and debt obligations (excluding mortgage) of $500 who receive a mortgage rate of 5 percent could qualify for a loan of up to $590,000, assuming a 20 percent down payment. If the interest rate were to rise to 6 percent, as analysts at Barclays Capital predict, the same couple could only qualify for a mortgage of $540,000.
Source: Caliifornia Association of Realtors and the Wall Street Journal
