Good News for California Short Sales with Junior Liens
Until recently, a California short sale with a junior lien (second mortgage) left open the slim possibility that the seller might have to pay a deficiency, even if the junior lienholder agreed to the short sale. However, a new state law recently extended the same deficiency protections that previously existed for first liens in a short sale to junior liens, as well.
The new law, which took effect on July 15, 2011, means that in the vast majority of cases, homeowners considering a short sale no longer need to fear the prospect of a deficiency. In layman's terms, the bank will no longer be able to come after you after you complete a short sale (with a few, relatively rare exceptions).
To learn more about the new California law, visit the SB 458 short sale deficiency page on The Dream Team's website, or for additional information about short sales in general, visit the short sale information page.
Relocating to Beale Air Force Base (AFB)
History - Beale AFB has been a fixture in the Yuba-Sutter area of Northern California since its establishment as an Army base known as "Camp Beale" in 1942. During its military history, the base has been home to a prisoner of war camp, a military hospital, training facilities for armored and air divisions, including mortar, rifle, and bomb ranges, and more. In 1948, it was officially renamed Beale Air Force Base and was used primarily as a training facility until its conversion in the 1950s to an operational Air Force Base.
Currently, Beale AFB is home to the 9th Reconnaissance Wing, the Base's host unit, and is a critical asset in the Air Force's intelligence gathering mission. To that end, Beale serves as home base for the famed U-2 "Dragon Lady" and the RQ-4 "Global Hawk" reconnaissance aircraft, and was also home to the SR-71 "Blackbird" before it was retired.
Nearby Communities and Amenities - Those relocating to Beale AFB may want to familiarize themselves with the surrounding off-base communities and destinations. Off-base housing can generally be found in the neighboring communities of Linda, Marysville, Olivehurst, Plumas Lake, Yuba City, and Wheatland, as well as a few more remote areas like Smartsville, Browns Valley, and Loma Rica.
Beale is less than an hour away from Sacramento, the state's capital. Camp Far West Reservoir, formerly a part of the military base, is just minutes from the base's Southwest gate, and offers camping, boating, fishing, and other outdoor recreational activities. Lake Tahoe and San Francisco are also close enough (within a few hours) to make day trips well within reason.
More Information - If you would like more information about relocating to Beale AFB, including more detailed information about homes available in the nearby communities, maps, lending programs, programs for military personnel, etc., please visit the Dream Team's Beale AFB Relocation page.
On Friday, August 6, 2010, the Franchise Tax Board (FTB), California's personal income tax authority, announced that it would stop accepting applications for the state's $10,000 first-time homebuyer tax credit, effective as of midnight on Sunday, August 15, 2010. The announcement came as the FTB determined that the $100 million allocated for the credit would be exhausted. There is still funding available for the state's $10,000 tax credit for new home purchases (homes never lived in before). For more information on these important state tax credits, visit the Dream Team's California State Homebuyer Tax Credit Page.
Note: Members of the RE/MAX Gold Dream Team are REALTORS®, not accountants or attorneys. Please consult a qualified tax professional before making decisions affecting your taxes. This post is meant to provide information only, not advice.
As the economic slump continues, the number of Plumas Lake short sale inquiries I have been getting has been increasing steadily. As an addition to the About Short Sales page on my website, which describes what a short sale is and when a homeowner might want to consider one, I recently published a page describing how to do a short sale in Plumas Lake, CA. The new page provides an overview of the short sale process from start to finish and includes pointers that will help sellers avoid some of the pitfalls that can come with a short sale.
I hope you find these resources useful!
As the economic slump continues, the number of short sale inquiries I have been responding to has been increasing steadily. As an addition to the About Short Sales page on my website, which describes what a short sale is and when a homeowner might want to consider one, I recently published a page describing how to do a short sale in Yuba City, CA. The new page provides an overview of the short sale process from start to finish and includes pointers that will help sellers avoid some of the pitfalls that can come with a short sale.
I hope you find these resources useful!
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REALTOR® serving the Yuba-Sutter area since 2003, including Yuba City, Marysville, Plumas Lake, Live Oak, Gridley, Colusa, Sutter, Nicolaus, Wheatland, Roseville, Sacramento, and surrounding areas.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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