In an effort to try to ease the housing market crisis, a new government program was implemented earlier this year to try to help homeowners. The

For homeowners who are eligible, they can avoid foreclosure by performing a Short Sale or by giving the property back to the lender which is also known as a Deed-in-Lieu of foreclosure.

Eligible homeowners also can receive other benefits such as relocation assistance and protection from collection actions by their lenders. Below are some other benefits and highlights of this program:

• Borrowers receive $3,000 for relocation assistance.
• Lenders must allow the opportunity for the borrower to attempt a Short Sale or accept a Deed-in-Lieu of foreclosure before following through with a foreclosure.
• Borrowers are fully released from future liability for the first mortgage debt – lenders cannot ask for a cash contribution, promissory note, or deficiency judgment to complete a short sale or DIL.  Additionally, junior lien holders (i.e. 2nd mortgages) who participate in the HAFA incentives must also release borrowers from future liability. 
• Provides an alternative to HAMP eligible homeowners (borrowers) who cannot make mortgage payments to keep their home.  
• Utilizes information on the borrower’s finances and hardship already collected by the lender under HAMP. 
• Standardizes forms, procedures, and timelines to speed up the short sale process. 
• Provides borrowers with pre-approved short sale price before they list the property for sale. 
• Mandates that the borrower (homeowner) be released from any further financial obligations once the sale is completed. 
• Provides financial incentive for the lender to complete the short sale process.

The requirements that homeowners must meet to be eligible for the HAMP modification program are listed below:

• The property is the borrower’s principal residence.
• The first mortgage originated before January 1, 2009.
• The mortgage is delinquent or default is reasonably foreseeable.
• The mortgage’s unpaid principal balance is no more than $729,750 (higher limits for 2 to 4 unit dwellings).
• The borrower’s total monthly mortgage payment exceeds 31% of their gross income.
• The mortgage also needs to be serviced by a lender who is participating in the HAMP program (the majority of lenders are).

There are currently millions of home loans that are in default throughout the US.  Lenders are often just holding these properties, because they know that they cannot foreclose on these properties and recoup any losses.  The financial incentives offered through the HAFA program may entice these lenders to offer more properties for a short sale, placing more homes on the market, and ultimately driving down prices even further.

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These days it seems that news and predictions about the real estate market are everywhere. Knowing what is happening in your area can help both buyers and sellers understand and gain clarity of the real estate market and how it relates to them. Below is a real estate snapshot of the area for the

Homes Closed:

 61 homes sold in Chino Hills in August 2010 (63 in July 2010). The prices ranged from $195,000 to $1,600,000.

Types of Transactions:

• Standard = 35  
• Short Sale= 19   
• Bank Owned= 7                                    

New Listings:

127 homes hit the market in Chino Hills in August 2010 (140 in July 2010).

Total Active Listings:

 324 homes currently for sale in Chino Hills, Ca as of 9/2/2010.

If we continue to see an average of 60 homes closing every month there is enough inventory for 5.4 months if….. NO OTHER HOMES HIT THE MARKET.

Price Reductions:

67% of homes sold (41) in August had price reductions

48% of homes sold (30) in July had price reductions

We studied and researched and asked what does all this mean? 

***Leticia & Associates Aha moment in the month of August 2010***

The market is changing again, homes are sitting on the market longer, a large number of homes are having price reductions in order for them to sell and inventory is increasing. Is this market shift the beginning of the next crash, the facts point in that direction with the exception of decreasing bank owned properties and the influx of Short Sales flooding our communities we are bound to see more buyers purchasing homes at even lower prices.

What do you think the positive/ negative side effects of these changes will have on real estate market and Chino Hills Homes For Sale?

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It is late August and the dog days of summer are here! Homeowners are forced to run their air conditioners night and day to try to escape the hot temperatures.

Energy Saving Tips For Outside

• Replace air-conditioner filters regularly. Dirty filters restrict airflow and can cause the system to run longer, increasing energy use. Replace filters monthly for maximum benefit.
• Longer days mean we don't need out outdoor lighting as much. Adjust your outdoor lighting timers accordingly and you'll save money and extend bulb life.
  Try solar-powered outdoor lighting or garden lighting as an alternative. They are energy-efficient, inexpensive, safe and very easy to install.
• Consider switching to electric lawn mowers as well as trimmers. By not using the traditional gas models, you can help to save money, reduce pollution and they are also much quieter!
• If you have an outdoor pool, reduce the operating time of your pool filter and automatic cleaning sweep to four to five hours, and only during off-peak time.

Energy Saving Tips For Inside

• There is really no need to have your gas fireplace's pilot light during the summer. Save energy, and money, by turning out the fireplace's pilot light until the fall. It is always a good idea to refer to the operating manual for your furnace to learn how to do this properly or  consult a technician. 
• Keep blinds and draperies closed on hot days to keep the inside temperature cooler and comfortable. 
• Make sure your attic has the proper insulation that will protect your home from excessive heat penetration in summer and cold penetration in winter. 
• Ceiling fans are a inexpensive way to create gentle breezes throughout your home to help keep the temperature down.

These are a few summer tips to keep your family comfortable in your homes, during this hot summer as well as a few energy saving and environmental alternatives.

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Short sales

Other names for loss mitigation or departments that may handle it may include work-out, foreclosures, loan modification, or reinstatement. Some of the larger institutions may even specifically offer a short sale department.

If you are interested in short sale investments, here’s what to expect from loss mitigation:

1. Send Authorization to Release Information Form or Power of Attorney. The Authorization to Release Information (ATRI) Form gives the lender the authorization to give you (the buyer/investor) information about the loan so that you can begin the documentation and negotiation process. If you are able to obtain a Power of Attorney from the buyer for this loan, then you will also have the ability to actually participate in the negotiations directly with the lender.
2. Establish a rapport with the lender’s rep. Settling a short sale is not the most attractive prospect for a lender. Although preferable to foreclosure in many cases, lenders are not anxious to deal in short sales. If you are able to establish a good working relationship with the loss mitigation rep, then it will help move the process along.
3. Once you build rapport the rep, send your short sale package. Make sure that you have done your homework and present complete documentation. Then follow up with the rep, after learning what the lender’s standard procedure is and how long the approval should take. You don’t want to be annoying, but you do want to maintain the relationship you have established and make sure that your deal does not get lost in the process.
4. Once the deal is accepted, move quickly. Get the approval in writing, arrange any necessary financing and take all quested actions to get the deal closed. Many short sales fall out between the approval and close, so by moving swiftly through the last steps you hasten the ability to finalize the transaction.
5. It is a good idea to stay on friendly terms with the rep. A small effort of sending a thank you note after close can go a long way.

Short sales can be difficult for both borrowers and lenders. Establishing yourself as a well-educated, thoroughly prepared investor will help you move your next deal through the process.

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With the housing market still slow and a sluggish economy, selling your home can be a challenge due to the fact that there is steep competition with new home foreclosures and falling prices. However, there are some things you can do to help sell your home in a slow market quickly! Below are some tips to get your home off the market and into contract!

1. Find an agent who is right for your market.  Your first plan of action should be to locate an agent with proven results with sales. Keep in mind you should also work with someone that you feel comfortable and confident with.at has a good track record with sales in your market range and neighborhood. Good sales stats in your price bracket demonstrate that the realtor knows what buyers are looking for and how to move property similar to yours. A great agent can help you move your home, even in a tough market.
2. Research and understand your market. Understanding the ‘comps’ in your area will help you reach a realistic asking price and get a better handle on the competition. Ask your realtor to provide this information and also take opportunities to visit open houses for homes that are comparable to yours. You can learn a lot about staging, pricing and what is appealing to buyers.
3. Keep up with repairs and maintenance. Don’t hesitate to make necessary repairs and maintenance to your home when you are ready to sell. You don’t have to undergo major remodeling or expense. Simple updates like fixing broken steps, touch up painting and keeping your lawn mowed and flower beds cleaned out will really go a long way in making your home look move-in ready.
4. Be flexible. From having your home ready to show at a moment’s notice to your willingness to negotiate, the key to selling your home in a slow market is flexibility and responsiveness. Going the extra mile for prospective buyers can really make a difference in getting more people through the door ready to make an offer.
5. Add value. Remember that you are competing with short sales and foreclosures, so any extra value you can add to your home can make it more attractive. Whether it’s an appliance, patio furniture or a simple cost concession, small items can add up to big pluses when prospects are evaluating the total value of your home.

In a slow market, you need to get your home noticed quickly and be willing to negotiate so that prospective buyers see a great value in your property. Don’t stop looking for ways to make your home stand apart from the competition.

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Our sluggish economy has made it difficult for potential homebuyers to make the final move in purchasing a home. Many lenders have tightended their requirements and some buyers have some concerns about coming up with a large down payment. If you are ready to make an offer on a new home but need some assistance, there are some option to help you finalize the sale eventhough you may not

Depending on what lender you decide to go with, they each have their own minimum down payment requirements and can vary depending on the mortgage program, loan amount, borrower income and credit rating. Typically., a good rule of thumb is roughly 20%, but you can find different ways to help you meet down payment requirements, including buyer assistance programs -  also called down payment assistance programs.

Assistance programs and grants can help you avoid robbing your savings or 401K or borrowing the money elsewhere to come up with a cash down payment. Some of the most common buyer assistance programs are for first time home buyers, but other assistance programs are available as well. How do they work? Below are some key requirements of standard programs. 

• Home buyers must qualify for a loan that allows gift funds from a charitable organization
• Limits may apply to the price of the home
• Funds can be used for the down payment and for closing costs
• Gift funds can be used for new or existing homes

There ae several different organizations that provide buyer assistance, including Grant America, Nehemiah and American Family Funds. Many other buyer assistance organizations are available, so do some homework and talk to your tax preparer and mortgage lender about options.

Always speak to your lender about available programs in your market, they can help you structure the down payment assistance to be compatible with their underwriting guidelines and offer advice on program advantages for your type of loan.

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In an effort to get more people back in their homes, 

However, many people have become disillusioned with this seemingly foolproof plan to get America's economy back on track. Enrollment is down and homeowners already on the plan are dropping out for a variety of reasons. Some have sold their home or did  a short-sale, so they no longer need the program. However, other people are being forced out because their home was foreclosed upon, or they no longer qualify for the loan. When the process began, everyone was allowed into the program and Obama pressured the banks involved with it to let people in with no proof of income required.

More than one third of the people who originally qualified for the modifications have had to drop out due to lack of income. The number of people who have been successful with the program is less than those who have had to drop out of it. As more and more homeowners drop out, the foreclosure nightmare of 2009 is beginning to repeat itself, because even after the mortgages have been revised by the program people still have far too much debt to allow themselves to stay afloat, and this could have repercussions on the economy much greater than what has already happened to it.

As John Taylor of the National Community Reinvestment Coalition said, "It's sad that they didn't put the same amount of resources into helping families avoid foreclosure as they did helping banks."

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A

A deed in lieu of foreclosure is a deed instrument that a distressed borrower offers to the lender, transferring all interest in the property to the lender in order to satisfy a delinquent loan and avoid foreclosure. An advantage of a deed in lieu is that it releases the borrower from all debt on the defaulted loan. Both parties must agree to the transaction voluntarily. As with short sales, a deed in lieu agreement is less costly to complete for the lender and does not hurt the borrower’s credit as much as a foreclosure.

The short sale process is complex and takes a long time to complete. Additionally, many short sales fail to close after months of paperwork and negotiations. A deed in lieu of foreclosure is a simpler process, and may be more attractive to lenders than a short sale. The bank or other lending institution is able to take control of the property and the sales process, including the ability to set the sale price.

If you are at risk of foreclosure, it is very important that you investigate your options with your lender before foreclosure proceedings begin. If your lender initiates foreclosure against your property, you lose the ability to negotiate more attractive options that save penalties, help release your from your initial obligation and minimize the damage to your credit rating.

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Mortgage and

Below are some of the most common scams that are happening now/ Be aware and stay on top to of anything that appears suspicious. Remember the saying "if it seems too good to be true, it probably is!"

Scam #1:In this scam, so called “Rescuers” prey on homeowners on the edge of foreclosure by promising that they can save it. They persuade homeowners to pay for different fees and fill out fake forms and other tricks. In the end the homeowner still looses their home to foreclosure anyway. These scammers prey on desperate homeowners who will do anything to save their home. 

Beware of foreclosure rescue programs where you are asked to sign over the title of your home to a third party, are asked to not contact their lender, or send mortgage payments to a third party. These are all big red flags to be aware of. 

Scam #2: This scam is when a borrower provides fraudulent financial information like income and assets so they can qualify for a loan with lower rates and more favorable terms. Lenders show suspicion when red flags such as PO boxes are listed as the employers address or if the applicant has no credit history. These type of scams eventually cost everyone as the costs and losses involved from the borrowers are passed to consumers.

Scam #3:This scam is called Appraisal Fraud, this happens when an appraisal is faulty, when it states that a property is worth more than what it really is. Typically when an appraisal is listed as higher than it actually is generates false equity because a fraudulent appraisal document has been obtained indicating the higher value. 

Beware of appraisals that are dated prior to the sales contract as well as other red flags such as if the owner is not listed on the contract or title.

Mortgage and real estate scams are on the rise and new schemes are being exposed every day. Stay vigilant and always ask questions. There are many excellent websites available that have alerts for consumers and useful information to help consumers stay aware.

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So you’ve found an

1. Advertising  – let your realtor take charge. The realtor will make sure that you have your home listed in MLS – Multiple Listing Service - so that other agents can see it. Your realtor may also place your home on various Internet sites, take ad space in the local paper’s home section and put a sign in your yard – with the realtor’s phone number.
2. Readiness – you should be prepared to show your home on a moment’s notice. It is best to make sure that your home is neat and picked up at all times. This may be hard if you have small children or pets, but having your home show-ready means that you will never lose an opportunity to have a prospective buyer walk through.
3. Access – your realtor should install a lockbox on your front door so that other agents can show your home easily. It is best that you are not present when your home is shown, even if it is inconvenient for you. Most prospects are uncomfortable making honest comments about the features they like and dislike if you are present. It’s also easier for them to picture themselves living in your home without the current owner nearby.
4. Open house – an open house encourages both agents and prospects to visit your home during a specific period of time and ask questions of your realtor. You may opt to have one open house for agents or brokers only and one for buyers
5. Traffic – In a slow market, you may see a lot of interest right away, as both agents and buyers are eager to check out new listings. Then you may see periods of days or even weeks with no activity or interest. Don’t be discouraged quickly – and have regular meetings with your realtor to discuss feedback and see if there are any adjustments to the staging or décor of the house that may position it better with buyers.
6. Asking price – Your realtor can advise you of the ‘comps’ or comparable home prices in your neighborhood and how your asking price lines up with the market. You might consider lowering the price after 90 days or other extended time on the market. Depending on your urgency to sell, you may decide to take your house off the market for a period of time, the relist at a different price to generate that ‘new listing’ interest and activity.

Selling your home can be a little nerve wracking, but understanding the process goes a long way in making sure things go smoothly.

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More than five million

The first part of HAMP involved a loan modification program, which was designed to help homeowners modify their existing loans in order to get monthly payments that would help them stay in their homes and avoid foreclosure. Since the program launched last year, more than 300,000 modifications have been processed and are active.  Loan servicers saw a decline in permanent modifications in May 2010 from (47,000 from 68,000 in April 2010). The $75 billion HAMP will expire in 2012.

In March of this year, the Treasury Department introduced another program for troubled homeowners - Home Affordable Foreclosure Alternatives (HAFA). This program which took effect April 5, 2010, was also designed to keep homeowners from being forced into foreclosure – by standardizing and expediting the short sale process, along with a $3,000 incentive. Under HAFA, once the lender has agreed to the short sale and forgiven the balance, it cannot go after the deficiency judgment and harass the borrowers. 

A major benefit of this new plan is that the lenders have to respond to the homeowners’ written requests for the short sale within ten days. One of the largest detriments to any short sale is the long and cumbersome process from initiation to close. HAFA creates a platform for standardization of short sale and deed in lieu of foreclosure forms and criteria.

The Treasury Department continues to make revisions to the program, even though it has only been in place for a few months. But because of the large amount of requirement revisions to paperwork that is intended to provide a new standardization, many lenders are even more wary to jump on board and begin training workers. This program will close on December 31, 2012.

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If you are ready to

Assistance programs and grants can help you avoid robbing your savings or 401K or borrowing the money elsewhere to come up with a cash down payment. Some of the most common buyer assistance programs are for first time home buyers, but other assistance programs are available as well. How do they work? Below are some key requirements of standard programs. 

• Home buyers must qualify for a loan that allows gift funds from a charitable organization
• Limits may apply to the price of the home
• Funds can be used for the down payment and for closing costs
• Gift funds can be used for new or existing homes

Any number of charitable organizations provide buyer assistance, including Grant America, Nehemiah and American Family Funds. Many other buyer assistance organizations are available, so do some homework and talk to your tax preparer and mortgage lender about options.

Talk to your lender about available programs in your market. Your lender can help you structure the down payment assistance to be compatible with their underwriting guidelines and offer advice on program advantages for your type of loan.

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Summer is officially underway and the 4th of July is just around the corner! The

Chino Hills Old-Fashioned Fourth of July Picnic- Starts 10:30 am and goes till 3:00 pm. At the Big League Dreams Sports Park

Claremont 4th of July Celebration-Gates open 6:30 pm, show starts 9:00 pm. At the Pomona College Strehle Track

Corona 4th of July Events- Parade starts 10:00 am on Main Street, Festival starts 4:00 pm Santana Park, Fireworks start shortly after the formal program at 8:15 pm.

Crestline - Jamboree Days Festival-in down town Crestline! Celebrating 103 Years of Mountain Living! Street Faire: 9:00 am - 6:00 pm Parade Starts: 10:00 am Live Music & Vendors! For more information: 338-2706

Fontana - Red, White, and Cruise- At the AutoClub Speedway, begins at 2 pm and will feature live entertainment from country star Jimmy Wayne and American Idol Winner, Taylor Hicks.  The event will also include live entertainment, Children’s Fun Zone, Patriotic Zone, Women’s Zone, Men’s Zone, Spectacular Fireworks Show and Parade, and a Car Cruise and Show. 

Lake Arrowhead Fireworks! July 4th starting at 9:00 pm For more information please call: The Arrowhead Lake Association: 337-2595

Palm Desert Concert and 4th of July Celebration- Festival starts at 7:30pm and Fireworks start at 9:00pm with synchronized music broadcast

Palm Springs Power of 4th of July- Gates open at 5:00 pm, Game starts at 6:05 pm, Fireworks at 9:15 pm. At the Palm Springs Stadium

Pomona Fairplex Kaboom- Monster Truck and Big Air Freestyle Motocross at 8:00 pm, Fireworks Spectacular at 9:15 pm.

Rancho Cucamonga Fireworks Celebration- Park opens at 5:00 pm, Entertainment at 6:00 pm, Fireworks at 9:00 pm. At the Rancho Cucamonga Epicenter

Redlands Community 4th of July Celebration - Picnic at 10:00 am, Entertainment at 11:00 am, Parade at 4:00 pm, Live show at 7:00 pm, Fireworks at approximately 9:00 pm. At University of Redlands

Riverside 4th of July at Community College- Gates open 6:00 pm, Fireworks at 9:00 pm. At the Riverside Sports Complex. A Free, Family-oriented Event at White Park in Downtown Riverside Saturday, July 4th 7:00 PM –9:00 PM

Temecula 4th of July Parade and Fireworks Show- Old Town Temecula, 2:00-9:00 pm

Victorville Prepares for 4th of July Spectacular - Live entertainment includes performances from Polynesian dancers, Happy Havoc, and the Joe Campbell Band. The fireworks begin at 9 P.M., so come prepared for the show of the season!

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A recent proposal introduced into the Senate that was co-authored by Senate Majority Leader Harry M. Reid (D-Nev.)would allow those eligible for the tax credit longer time to close on a home. The measure was offered as an amendment to H.R. 4213, a tax extension bill now in the Senate.

The deadline would be extended to Sept. 30, 2010, more time for lenders process the influx of applications.

The tax credit is $8,000 for some first-time buyers and $6,500 for current homeowners who meet certain requirements.  Home buyers must have signed a contract by April 30 and close on the their transactions by June 30.

The National Association of Realtors indicated that because of the surge in loan volume and delays related to home appraisals and short sales, many buyers will not be able to make the June 30th deadline.

The industry credits the tax credit, designed to help revive the housing market, with helping juice sales during the start of the critical spring selling season. The measure was offered as an amendment to H.R. 4213, a tax extension bill now in the Senate.

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We are living in difficult times, the recession is effecting people from all walks of life.  Unfortunately, the unemployment rate is steadily on the rise and has an astounding effect on the real estate market.  Thousands of people are on the verge of losing their home due to a loss of vital income.

Foreclosure is an ugly word that lenders hate to speak upon.  It is also a word that borrowers hate to hear.  It is a time consuming process that can be financially costly for both parties.  No one wins when it comes to foreclosing on a home.  There are a countless amount of cases involving foreclosures that have ruined the lives of thousands of people.

Here are three disadvantages a homeowner faces when it comes to a foreclosure:

• Dealing With Intrusive And Rude Parties. This is a terrible situation that can subject the homeowner to dealing with intrusive and rude people who are not sympathetic to their tragedy.
• Ruined Credit. The total amount that is defaulted on the loan will be reported on the former homeowner's credit report.  This could prevent him or her from buying another home for several years!
• No Financial Compensation. The former owner of the home will not receive anything in return for the equity they accumulated over a period of time.

Fortunately, a new concept has arisen within recent times.  The term "short sale" has breathed new life into the market.  Short sales is a solid option to foreclosure, it alleviates financial and emotional strain for all involved.

Now with the Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. 

Under the program, a homeowner can receive $3,000 to help with relocation costs.

Mortgage servicers and investors write their own guidelines under the Federal requirements to determine how to implement the program. For more information about your options, you should contact your mortgage servicer.

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 The new law applies to discharges of qualified principal residence indebtedness on or after January 1, 2009, and before January 1, 2013. California law conforms, with modifications, to federal mortgage forgiveness debt relief for discharges that occurred in tax years 2007 through December 31, 2012. The amount of qualifying indebtedness is less than the federal amount and California imposes a state-only limitation on the total amount of relief excluded from gross income.

The following summarizes the differences between the federal and California provisions. Federal provision applies to discharges occurring in 2007 through 2012, and:

• Limits the amount of qualified principal residence indebtedness to $2,000,000 for taxpayers who file as married filing jointly, single, head of household, or widow/widower, and to $1,000,000 for taxpayers who file as married filing separately.
• Does not limit the debt relief amount; it only limits the indebtedness amount used to calculate the debt relief amount.

The Mortgage Debt Relief Act of 2007 generally allows homeowners to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. In addition, there are not any 1099-C tax consequences for state & federal.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments on the IRS website.

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As a homeowner there may be circumstances that come up where you need additional funds to remodel or make repairs to your home, or you might need some money to cover an emergency expense. A h

There are two basic types of home equity loans.  One type is a traditional loan where you borrow the whole amount of the loan, then pay it back with specified monthly payments over a specified term.  The second type is a Home Equity Line of Credit (HELOC) where you obtain a fixed line of credit based on the equity of your house.   Typically with this type of loan you only pay interest on the amount that you borrow, and your monthly payments may vary also.

The interest is deducible up to the purchase price of the house plus any improvements.  Many people mistakenly think that all real estate related interest is deductible.  Several years ago the held true but tax reform has since been passed. However, for most people the tax deductions are still substantial, but you may want to consult a tax professional to determine how much you can deduct in your specific case.

However, even if the interest is not deductible, the savings associated with the lower interest rates charged on a home equity loan, will still be beneficial to pay off other higher interest credit cards or other loans.

It is important however to do the math and be responsible when considering these types of loans. Many homeowners found themselves in trouble when they borrowed against the equity in their home and then when housing values declined, they owed more than the house was worth.

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A new bill signed by California Gov. Arnold Schwarzenegger hopes to help sell California's vacant homes as well as give new construction a boost by extending a $10,000 state tax credit for first-time

This new bill provides a state tax credit to first-time homebuyers who buy new or existing homes from May 1 until the end of 2010. Homebuyers can claim 5 percent of the purchase price against their California taxes, or up to $10,000.

This new bill makes another $100 million available for buyers of new homes and $100 million for those who buy existing homes. According to the Franchise Tax Board, the state allocated that credit to 10,569 applicants after receiving more than 12,000 applications.

The governor indicated that the expanded tax credit will help cities and counties get more properties back on the tax roll and put more people to work.

The Governor also vetoed a tax bill that would have provided relief to those who had mortgage debt forgiven in 2009. The governor said in his veto message that he could not support the bill because lawmakers inserted a tax penalty opposed by businesses. He asked the Legislature to send him a bill dealing solely with mortgage debt forgiveness so he can sign it.

We are proud and excited to announce that 

Homeowners are looking for alternatives to foreclosure, and short sales are becoming increasingly popular. As a short sale specialist, we are qualified and prepared to get the job done! Below are some of the qualifications our certifications have benefited us.

•We understand when a short sale is the best option
•We can recognize the steps in the process and develop a short sale package
•Discern what is and is not a hardship
•Negotiate with lenders
•Comply with Home Affordable Foreclosure Alternative (HAFA) rules
•Limit your risk

A recent

There is no argument that many homeowners are in trouble. In fact more than five million households are behind on their mortgages and risk foreclosure. The government's $75 billion mortgage modification plan has helped only a small slice of them.

Under the new federal program, a lender will use real estate agents to determine the value of a home and thus the minimum to accept. This figure will not be shared with the owner, but if an offer comes in that is equal to or higher than this amount, the lender must take it.

This program will begin to take effect on April 5, and could encourage hundreds of thousands of homeowners in trouble who have not found help thru the loan modification program or thru other programs. In addition, this program will also be a benefit for communities, as it will mean fewer empty foreclosed houses waiting to be sold by banks.