5 Bedroom ocean view home for sale in San Clemente located in The Reserve offered by James Eichenbaum through his team at AREA Realty Group. Enjoy the ocean and sunsets views in this luxurious 5 Bedroom home for sale in San Clemente with formal dining, living room, family room, bonus room, breakfast area. This 5 Bedroom home for sale in San Clemente is located on a cul-de-sac within the gated community of The Reserve East. With upgrades which include beautiful upgraded travertine floors, gourmet kitchen with granite counters and large breakfast island. The second level of this 5 Bedroom home for sale in San Clemente with ocean view includes a large open bonus room, full laundry room and ocean view balcony. The master suite with retreat has a master bath with separate shower and tub as well as double vanities and walk in closet. View our 5 Bedroom home for sale in San Clemente located in The Reserve with sunset and ocean views. This luxurious 5 bedroom home for sale in San Clemente with ocean view and open floor plan blends the beach beauty and coastal lifestyle you have imagined!
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AREA Realty Group : 28052 Camino Capistrano - Laguna Niguel CA 92677 : 949-682-4315 x 3 |
This 4 Bedroom home for sale in Laguna Niguel sits on a 14,000 square foot view lot and is a must see. Located on a private cul-de-sac street this immaculate 4 Bedroom home for sale in Laguna Niguel is located in the community of Marina Hills Heights. Enjoy the ocean breezes and sunsets views while entertaining or dining on the patio or just relaxing on the deck of this 4 bedroom home for sale in Laguna Niguel. With a formal dining room, living room, family room, bonus room and seperate breakfast area, this 4 Bedroom home for sale in Laguna Niguel is the largest floor plan in Marina Hills Heights and is complemented by beautiful hardwood floors, a beautiful wrought iron staircase as well as plantation shutters. Experience the resort lifestyle and coastal living offered by this 4 Bedroom Home for sale in Laguna Niguel. With resort amenities that include resort pool, tennis courts, parks, and ball fields. Offered by James Eichenbaum and his Team at AREA Realty Group. Call at 949-682-4315 to show you your next home.
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AREA Realty Group : 28052 Camino Capistrano - Laguna Niguel CA 92677 : 949-682-4315 x 3 |
Enacted into law 04/12/2010, Senate Bill 401(Wolk). The new California State law allows for taxpayers to immediately exclude the amount of mortgage debt on their home loan that has been forgiven by their lender, from their income.
Homeowners what does this mean to YOU? Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. 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.
What if I closed a short sale in 2009? The tax breaks apply to debts that are discharged from 2009 through 2012.
What if I already filed my 2009 California Tax returns? If you have already filed your 2009 tax returns, you may claim the exemption by filing a Form 540X amendment.
What if I do not qualify for the exemption because this is a rental home? If you do not qualify because the property is a second home or rental property you may still be exempt under other provisions. As an example, taxpayers who are insolvent can exempt income due to debt relief to the extent they are insolvent (their current liabilities exceed current assets).
All maters relating to income tax should be directed to and discussed with a tax professional. This is not to be considered as tax advise.
For more information on short sales and debt forgiveness go to www.AREA-REALTY-GROUP.com
James Eichenbaum of AREA-REALTY-GROUP, California Broker DRE# 00891338, is a Southern California Short Sale Expert and has helped hundreds of home owners. With the experience and knowledge of government HAMP and HAFA guidelines he has developed successful strategies, contacts and an in-house team to work directly with the banks. If you need assistance, have questions or would like information emailed to you about one of our upcoming FREE seminars, you can contact him at AREA Realty Group, 949-373-7400. Or visit the website at http://www.AREA-REALTY-GROUP.com
Usually one of the first three questions a homeowner that has fallen behind on their mortgage asks, "What are my options?"As real estate professionals, we should provide the information; Refinance, Reinstatement, Forbearance, Modification, Deed in Lieu of Foreclosure, Foreclosure and Short Sale. Then we explain the options and which options are viable under the circumstances. Such as if the homeowner is upside down with negative equity you can't refinance or with loss of income and savings it is unrealistic or they are unable to reinstate. When it comes to loan modification, we all want the best and it would be great if the homeowner could stay in the property. Based on income and the NPV calculation it should be fairly straight forward. Right.......Wrong!
Too often the trap gets set; when the homeowner goes into a trial modification. This with the belief that if they got this far, they must be able to qualify for a permanent modification. After all why would the bank go through all this, hold the foreclosure and take their money? The trial modification gets extended as the bank says it looks good or we just need one more item. A foreclosure sale date is placed on hold or postponed a month or two down the line. And the hopes and expectations of the homeowner continue to rise.
Then it happens, the modification is.............................................
DECLINED!
And all too often with only days before a foreclosure sale date. Frantically the home owner is calling the bank for answers only to hear one of many reasons. The two most common are missing paper work and inadequate income. But shouldn't the bank know what's missing and ask for it. Or if the income doesn't work from the beginning decline the trial modification? Next the homeowner hears there were no guarantees and it's too late to stop the sale. A day or two later another home is foreclosed. Of the more than 1.4 million trial modifications there were only 168,708 made permanent. That's right ONLY 168,708 permanent loan modifications and a large percentage of those have already re-defaulted. A joint study from the Office of the Comptroller of Currency (OCC) and Office of Thrift Supervision (OTS) showed over 50% are 60 days or greater past due. I have not seen a number for those that were foreclosed after being denied on permanent modifications.
Everyone has heard about it! Everyone has seen it! Everyone knows someone that this has happened to!
If you are a Realtor don't let this happen to your client. If you are a homeowner don't let this happen to you! Bad advice can be disastrous and cause irreparable damage. Make sure you get the right advice. From an active professional Realtor working with the banks on short sales, A CPA or professional tax preparation expert and even an attorney. Though you may not hear what were hoping for, with the right advice you can plan properly and provide for the future. A foreclosure can leave you in even worse financial shape. Recourse loans after a foreclosure in California have 4 years to act on the deficiency and are often sold to collectors that have only one thing to do.....collect!
In review and understanding of the new government HAFA guidelines being implemented April 1, 2010 by all the major banks, and already being used and tested by a few, this should help to prevent many of these foreclosures, allowing the homeowner to short sell and release them of recourse and deficiency.
James Eichenbaum of AREA-REALTY-GROUP, California Broker DRE# 00891338, is a Southern California Short Sale Expert and has helped hundreds of home owners. With the experience and knowledge of government HAMP and HAFA guidelines he has developed successful strategies, contacts and an in-house team to work directly with the banks. If you need assistance, have questions or would like information emailed to you about one of our upcoming FREE seminars, you can contact him at AREA Realty Group, 949-373-7400. Or visit the website at http://www.AREA-REALTY-GROUP.com
Southern California - Successful Short Sales; Jim Eichenbaum successfully completed and closed 50 short sales in 2009 with his specialized team at AREA Realty Group. With 25 years of experience Jim Eichenbaum negotiates the short sales, relieving the property owners of the negative equity along with negotiated releases of liability and deficiency.
NO UPFRONT CHARGES and NO FEES were charged to the home owners for the services (all closing costs are paid by the lender) provided by Jim Eichenbaum and the expert team he has assembled at AREA Realty Group which provides all the necessary real estate services, in-house, to list, sell and negotiate short sales with the banks without out sourcing anything to 3rd parties. AREA has successfully negotiated home sales with up 3 mortgages, multiple liens and judgments. Additionally negotiating that the remaining debt to be forgiven without recourse relieving the sellers of all liability.
AREA Realty Group is licensed by the California Department of Real Estate, License # 01411312, Jim Eichenbaum DRE License #00891338. A member in good standing with the Orange County Association of Realtors and an A+ rated company with the Better Business Bureau. Our services are of no cost to the homeowner, we are paid by the bank. We offer FREE consultations and do not charge any up front fees for our services. All our services are in-house, no third party negotiators. For a free consultation or if you have any questions you may contact the Southern California Short Sale Experts at AREA Realty Group at 949-373-7400 or email info@AREA-RG.com or visit our web site http://www.area-realty-group.com/
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Orange County Home Sales and Short Sale Expert Expert. AREA Home Sales, Short Sale and REO Team Director for AREA Realty Group in the Orange County region. San Clemente Home Sales.
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