Hear ye! Hear ye !

We have been holding our breath for so long wondering what would be happening here in California ... If you have any questions after you read the news here ... Call me. text me, or email me ... I am here to help ... Well - Here it is HOT OFF THE PRESS ... http://www.nationalmortgagenews.com/news/regulation/senate-passes-tax-bill-that-includes-key-mortgage-deductions-1043384-1.html Roger A. Sullivan 760-610-3245 Roger@ShortSaleSully.com http:ShortSaleSully.com

Help for those considering or in a Short Sale

Distressed California Homeowners May Qualify for California's Keep Your Home California Transition Assistance Program (TAP) If your financially distressed California clients can no longer afford their homes and are pursuing a short sale or a deed in lieu of foreclosure, they may be eligible for financial help with their relocation to alternative housing. The funds come from the Transition Assistance Program (TAP), part of the Keep Your Home California Program. The state of California is providing up to $5,000 in transition assistance to qualified homeowners who can no longer afford to stay in their homes. You can help by advising your distressed clients that they must: •Apply for the funds through their state's website or by calling 1.888.954.5337. •Maintain their property until their house is sold or returned to the lender via a negotiated deed in lieu of foreclosure. For qualified homeowners, these state funds may be used in addition to any other transition assistance that the homeowner may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other preoffer short sale program. To learn more about the Transition Assistance Program's guidelines, and how your clients may qualify, please visit that program's website at http://keepyourhomecalifornia.org

Important news for Short Sale candidates

Back in April, the Senate Finance Committee approved the extension of debt relief for those attempting to sell their homes short of the indebtedness owing to their existing Lender(s). For political reasons, the item was tabled and is scheduled (at least it has been discussed) to be brought forward again after the elections are over tomorrow. Stand by for an update !!!

Short Sales still active ...

Homeowners are still in need of assistance and State and Federal laws are still protected them from taxation stemming from debt relief, potentially the biggest negative for those Short Selling in the past before this protection. The current situation is that protection is in place through year end so if you need assistance ... Call SHORT SALE SULLY

There's a new kind of thief in town cruising your Short Sale Open House ...

Everyone is apprehensive about opening up their home to a bunch of strangers, particularly when they are not home. Open Houses are a great marketing tool, allowing prospective buyers to compare your home with their wants and needs; also allowing neighbors to get a peek if they might have a friend or relative they want to move closer to them. Before you have an Open House, you should secure any very personal and important items out of harms way whether they be highly valuable, sentimental or breakable and the new category - medicinal !!! There has been an increase in medications being removed from bedrooms, bathrooms and medicine cabinets of late to such a degree that the warnings have even been televised. Everything has value and we know how expensive prescriptions are ... someone who needs your medicine doesn't care of your loss only their gain ... and certainly kids may not even know what a drug is but will take it anyway ... so be extra careful and make sure your medications is safe along with all your other valuables ... Keep the faith !!!

FINALLY, the Federal and State governments appear to have come to their senses on Short Sales

Here's the link to the story from the California Association of Realtors: and here's the story: The CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) announced that it received a letter from the California Franchise Tax Board (FTB), obtained by Board of Equalization (BOE) member George Runner, clarifying that California families who have lost their home in a short sale are not subject to state income tax liability on debt forgiveness “phantom income” they never received in a short sale. Last month, in a letter to California Sen. Barbara Boxer, the Internal Revenue Service (IRS) recognized that the debt written off in a short sale does not constitute recourse debt under California law, and thus does not create so-called “cancellation of debt” income to the underwater home seller for federal income tax purposes. Following the IRS’s clarification, C.A.R. sought a similar ruling by the California FTB. Now with the FTB’s clarification, underwater home sellers also are assured that they are not subject to state income tax liability, rescuing tens of thousands of distressed home sellers from California tax liability for debt written off by lenders in short sales. “We are pleased with the recent clarifications issued by the IRS and the California Franchise Tax Board, which protect distressed homeowners from debt relief income tax associated with a short sale in California,” said C.A.R. President Kevin Brown. “We would like to thank Sen. Boxer and BOE member Runner for their leadership in obtaining this guidance from the IRS and FTB. Distressed California homeowners can now avoid foreclosure or bankruptcy and can opt for a short sale instead, without incurring federal and state tax liability, even after the Mortgage Forgiveness Debt Relief Act of 2007 expires at the end of this year.” Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

IRS and California Franchise Tax Boaard clarify Mortgage Debt Relief in Short Sales

IRS and California Franchise Tax Board declare California distressed home sellers not liable for federal or state income tax on short sales LOS ANGELES (Dec. 4) – The CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) announced today it received a letter from the California Franchise Tax Board (FTB), obtained by Board of Equalization (BOE) member George Runner, clarifying that California families who have lost their home in a short sale are not subject to state income tax liability on debt forgiveness “phantom income” they never received in a short sale. Last month, in a letter to California Sen. Barbara Boxer, the Internal Revenue Service (IRS) recognized that the debt written off in a short sale does not constitute recourse debt under California law, and thus does not create so-called “cancellation of debt” income to the underwater home seller for federal income tax purposes. Following the IRS’s clarification, C.A.R. sought a similar ruling by the California FTB. Now with the FTB’s clarification, underwater home sellers also are assured that they are not subject to state income tax liability, rescuing tens of thousands of distressed home sellers from California tax liability for debt written off by lenders in short sales. “We are pleased with the recent clarifications issued by the IRS and the California Franchise Tax Board, which protect distressed homeowners from debt relief income tax associated with a short sale in California,” said C.A.R. President Kevin Brown. “We would like to thank Sen. Boxer and BOE member Runner for their leadership in obtaining this guidance from the IRS and FTB. Distressed California homeowners can now avoid foreclosure or bankruptcy and can opt for a short sale instead, without incurring federal and state tax liability, even after the Mortgage Forgiveness Debt Relief Act of 2007 expires at the end of this year.” Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles. Compliments of C.A.R. here's the full story Keep the faith !!!