Archive for June, 2010

Senate approves home tax credit extension thru 9/30/10

June 18, 2010

The Senate has approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. The proposal would only allow people who already have signed contracts to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.

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New CA Law Protects Home-Owners who Refinanced their Purchase-Money loans but now find themselves in Foreclosure.

June 3, 2010

New CA Law Protects Home-Owners who Refinanced their Purchase-Money loans but now find themselves in Foreclosure.

SB 1178 was just approved by the Senate, over lender opposition, with a vote of 30 to 4.

SB 1178 will extend anti-deficiency protections to homeowners who have refinanced “purchase money” loans and are now facing foreclosure. Most homeowners didn’t even know that when they refinanced they lost their legal protections, and now may be personally liable for the difference between the value of the foreclosed property and the amount owed to the lender.  Thus, home-owners who refinanced their purchase-money loan can still have the protection of CA anti-deficiency laws.