What more could you ask for in a single afternoon? The West Covina Sunrise Rotary group will be hosting their 5th Annual "A Day at the Theatre" December 14th 2008. I've got my tickets already do you have yours?
Below is the flyer for this great event, and if you click on it you will be taken to the official Rotary Press release for this event. Which includes the contact info for the event Chair person who you can contact for more information about this event, to purchase tickets for this event, or to make a charitable donation to this event. Thank you for reading and I hope you can support this great cause.
What is a MelloRoos District?
A Mello-Roos District is an area where a special tax is imposed on those real property owners within a Community Facilities District. The district has chosen to seek public financing through the sale of bonds for the purpose of financing certain public improvements and services. These services may include streets, water, sewage, and drainage, electricity, infrastructure, schools, parks, and police protection to newly developing areas. The tax you pay is used to make the payments of principal and interest on the bonds.
Are the assessments included within the Proposition 13 tax limits?
No, the passage of Proposition 13 in 1978 severely restricted local government in its ability to finance public capital facilities and services by increasing real property taxes. The "Mello-Roos Community Facility Act of 1982" provided local government with an additional financing tool. The Proposition 13 tax limits are on the value of the real property, while Mello-Roos taxes are equally and uniformly applied to all properties.
How long does the tax stay in effect?
The tax will stay in effect as long as it is needed to pay the expenses of service or until the principal and interest on the bonds are paid off along with any reasonable administrative costs incurred in collecting the spec ial tax, but in no case shall exceed 40 years.
What are my Mello-Roos taxes paying for?
Your taxes may be paying for both services and facilities. The services may be financed only to the extent of new growth, and services include police protection, fire protection, ambulance and paramedic services, recreation program services, library services, the operation and maintenance of parks, parkways and open spaces, museums, cultural facilities, floor and storm protection and services for the removal of any threatening hazardous substance. Facilities which may be financed under the Act include property with an estimated useful life of five years or longer, parks, recreation facilities, parkway facilities, open-space facilities, elementary and secondary school sites and structures, libraries, child care facilities, natural gas pipeline facilities, telephone lines, facilities to transmit and distribute electrical energy, cable television and others.
What is the basis for the tax?
Most special taxes levied on properties within these districts have been structured on the basis of density of development, square footage of construction, or flat acreage changes. The act, however, allows for considerable flexibility in the method of apportionment of taxes, and the local agencies may have established an entirely different method of levying the special tax against property in the district in question.
How much will the Mello-Roos payment be?
The amount of tax may vary from year to year, but may not exceed the maximum amount specified when the district was created. In the case of the purchase of a new house with a subdivision, the maximum amount of the tax will be specified in the public report.
The Resolution of Formation must specify the rate method of apportionment, and manner of collection in sufficient detail to allow each land-owner within the proposed district to estimate the maximum amount that he or she will have to pay.
How is the special tax reflected on real property records?
The special tax is a lien on your property, essentially like a regular tax lien. The lien is recorded as a "Notice of Special Tax Lien" which is continuing to lien to secure each levy of the special tax.
What happens if a general tax payment is not made on time?
By purchasing an interest in a subdivision within a Community Facilities District you can expect to be assessed for a Mello-Roos tax which will typically be collected with your general property tax bill.
How are Mell-Roos taxes affected when the property is sold?
The Mello-Roos tax is assessed against the land, but is not based upon the value of the property, therefore the possible increased value of the property is sold. The amount of the tax may not exceed the original maximum amount stated in the Resolution of Formation. Any delinquent payments must be satisfied before the sale of the real property since the underpaid amounts are a lien against the property.
Hire a Pro! of My Real Estate Pro Realty West Covina. Licensed REALTORs® in California to list your property for sale or to purchase a property in Alhambra, Anaheim, Arcadia, Azusa, Baldwin Park, Brea, Chino, Chino Hills, Claremont, Covina, Diamond Bar, Duarte, El Monte, Fullerton, Glendora, Hacienda Heights, La Habra, La Puente, La Verne, Monrovia, Montclair, Monterey Park, Ontario, Pasadena, Placentia, Pomona, Rosemead, Rowland Heights, San Dimas, San Gabriel, San Marino, Santa Fe Springs, Sierra Madre, South El Monte, South Pasadena, Temple City, Upland, Walnut, West Covina, Whittier.
PS- If you are planning on listing your home as a short sale in San Gabriel Valley California or you are planning on listing your home as a short sale in Los Angeles County California make sure you hire an agent who knows how to properly handle short sales and has the experience to get the job done. We are doing successful short sales. Contact us to find out more.
Team Chacon | West Covina Real Estate Consultants
Associate Brokers Keller Williams West Covina
info@teamchacon.com
If you have looked at anything to do with the Los Angeles County Real Estate Market or San Bernardino Real Estate market you have probably heard of short sales in Los Angeles County California and short sales in San Bernardino County.
With a multitude of medians for communicating information available now days I seem to see a lot of misleading information in the media. My intent is to try and give those interested in buying or selling a short sale a better understanding to the following questions: Who participates in a short sale, What a short sale, How long does a short sale take, and When can I participate in a short sale. I do not believe anyone should ever take the advice from one source in such decisions. I highly recommend that you cross-reference the general scenarios I am providing you with your attorney and your CPA to see if it makes sense with your specific situation. The following is also non-comprehensive, and there will be follow-up posts that will go into further depth and understanding of each section. When completed they will be cross-referenced here.
I can also tell you that patience will be the key to success for anyone interested in participating in a short sale in Los Angeles or San Bernardino County California. The short sale process is going to take time to complete the transaction. This statement is true for both the buyer and seller of a short sale.
Three things make up a short 
sale:
1. The current owner owes more than the current market value of the property.
2. The Lender agrees to forgive a portion of the loan to align itself with the market value of that particular property.
3. It is a pre-foreclosure activity.
I want to STRESS the issue and idea of patience required to buy or sell a short sale in Los Angeles County and to buy or sell a short sale in San Bernardino County California.
My Real Estate Pro has had a short sale in West Covina California that was approved in one month, and we’ve had some short sales in California that have taken over 4 months just to make direct contact with the correct person for that lender.
Dealing with a short sale is not a simple task. Banks and lenders were not, and some still are not, set up to handle the sheer magnitude of the requests for short sales that they are receiving. I think we may be beating a dead horse in regards to the general difficulty associated with selling your home as a short sale, but let us now take a moment to look at some specific issues that may make getting your short sale approved more difficult than normal.
If you purchased PMI on your loan then the mortgage insurance company will also have to approve the short sale. In this kind instance the mortgage insurance company will be paying the lender the difference in the loss (difference between the net sales price and what you currently owe on the loan). This means the mortgage insurance company will want the property in question to sell for as much as possible, and may hold you the seller liable to pay back some of the difference.
In many instances you will find that the company you are sending your monthly payment to sold your note to a secondary investor, usually before you even made your first payment. In these cases the secondary investors must also approve and sign off on the short sale (part of the long time line process).
If you took out a second mortgage on your house with a different lender than your original mortgage this will complicate the process of getting your short sale approved. The second note holder usually holds out for a fiduciary representation in exchange for accepting the short sale. The first note holder may, but is not obligated to, offer a settlement amount to the second note holder. Inevitably you will need to get the approval of both lenders to successfully close the short sale process with a clean title in tact to give to the buyer.
In some instances the second note holder has accepted the sale provided that the seller agrees to owe a note to them and pay a fee to help mitigate the loss.
The Primary reason a lender would approve a short sale is to mitigate their loss on the transaction. The process of foreclosure is not a cheap endeavor, and if the market price is still falling it is in the lenders best interest to sell as soon as practicable. If the lender feels it is in the best interest of their bottom line to accept a short sale then they will.
I am neither an attorney nor a CPA, and this post is not intended to be or to provide legal advice of any kind. I insist that you talk with your attorney and your tax accountant to determine if a short sale is the best solution for you.
Click here to search Available West Covina Homes.
">PS- If you are planning on listing your home as a short sale in Los Angeles County California or you are planning on listing your home as a short sale in San Bernardino County California make sure you hire an agent who knows how to properly handle short sales and has the experience to get the job done. We are doing successful short sales. Contact us to find out more.
My Real Estate Pro | West Covina Real Estate Consultants
Associate Brokers Real Estate Hound
West Covina Blue Star Program
Before every West Covina City Council meeting a slide show of immediate family members of West Covina citizens and citizens of West Covina currently serving in the armed forces are honored. Their name and a photo (if available) are placed on a screen while the lights are dimmed to give the community a time to reflect, remember and support our local citizens who are fighting for America's freedom.
You too can support and encourage America's troops serving our freedom overseas by going the Defend America government web site. This government ran site allows citizens of America to write troops currently serving to thank them for their continued service. Give our troops the support they deserve.
Saturday, May 17 to Sunday, 18, 2008
9 a.m. to 9 a.m. (24 Hours!)
Edgewood Middle School
1625 W. Durness St.
West Covina, CA
Form your own relay team and walk/run for 24-hours to help create a better, healthier tomorrow. Take on this heroic challenge and be the unsung hero in someones life tomorrow today.
The contact person for the West Covina Relay for Life 2008 is Shruti Kothari and you may either call her at (626) 756-5041 or e-mail Shruti to get more information about this great event at Shruti.Kothari@cancer.org. Give support to those currently battling cancer while raising money to hopefully find a cure and prevent or eliminat cancer for a better future.
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A compilation of events, thoughts and useful information from a Real Estate Broker that resides in West Covina, CA.
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