If you’re forced into a short sale, you’ll still get a 1099C from your lender, and you’ll still have to file that with your taxes. Now, however, you’re allowed to exclude the forgiven amount up to $2 million ($1 million if you’re married, filing separately) from your taxable income. In other words, while it’s still counted as income, you won’t have to pay taxes on that amount of your income.

Who Qualifies for the Mortgage Forgiveness Debt Relief Exclusion?

According to the IRS, you’ll qualify for this tax exclusion whether you mortgage debt is forgiven as part of a refinancing or if it’s forgiven in connection with a foreclosure. In order to qualify for the exclusion, the following conditions must apply:

• The debt forgiven must be on a mortgage for your principal residence. The principal residence is qualified based on the amount of time that you lived in it over the past five years.

• The mortgage forgiveness must be because of loss of value in your home or because of a forced short sale in connection with a mortgage foreclosure. A forgiveness that is given in return for services performed for the lender is not allowed.

• The debt must be forgiven between January 1, 2007 and January 1, 2010.

• The debt forgiveness must be on the mortgage used to buy your home.

*********************************************************************************************

For FORECLOSURE Prevention & all your Real Estate Services,

Contact:

DAVID DEE
(626) 203-5676

“Client 1st. That’s the David Dee Guarantee.”

Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.

Copyright © 2010 by DAVID DEE. All Rights Reserved. “The Mortgage Forgiveness Debt Relief Act″

There were 130 homes that closed within the month of March 2010 for Anaheim California, compared to 121 homes closed in March 2009, an increase of +9.

Sales Volume for homes closed in Anaheim CA for March 2009 was $40,040,680

Sales Volume for homes closed in Anaheim CA for March 2010 was $48,639,200

Average list price for homes closed in Anaheim CA for March 2009 was $333,133

Average list price for homes closed in Anaheim CA for March 2010 was $374,204

Average SOLD price for homes closed in Anaheim CA for March 2009 was $330,915

Average SOLD price for homes closed in Anaheim CA for March 2010 was $374,148

Average Days on Market for homes closed in Anaheim CA for March 2009 was 80 days.

Average Days on Market for homes closed in Anaheim CA for March 2010 was 73 days.

*Note: the above statistics are for Single-Family Homes only.

There was approximately a 7% increase in total sales compared to March 2009 which attribute to an increase of approximately $8.6 million is sales volume. Over the same period, price have gone up by + $43,000. Demands still hold strong as buyers are scrambling to close before the tax credit deadline. Days on market have dipped by 1 week compared to March 2009.

*********************************************************************************************

For FORECLOSURE Prevention & all your Real Estate Services,

Contact:

DAVID DEE
(626) 203-5676

“Client 1st. That’s the David Dee Guarantee.”

Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.

Copyright © 2010 by DAVID DEE. All Rights Reserved. “Anaheim CA Real Estate Market Report March 2010″

There were 57 homes that closed within the month of March 2010 for Garden Grove California, compared to 80 homes closed in March 2009, a decrease of -23.

Sales Volume for homes closed in Garden Grove CA for March 2009 was $28,731,700

Sales Volume for homes closed in Garden Grove CA for March 2010 was $21,913,400

Average list price for homes closed in Garden Grove CA for March 2009 was $362,740

Average list price for homes closed in Garden Grove CA for March 2010 was $389,008

Average SOLD price for homes closed in Garden Grove CA for March 2009 was $359,146

Average SOLD price for homes closed in Garden Grove CA for March 2010 was $384,446

Average Days on Market for homes closed in Garden Grove CA for March 2009 was 70 days.

Average Days on Market for homes closed in Garden Grove CA for March 2010 was 57 days.

*Note: the above statistics are for Single-Family Homes only.

For March 2010, there has been a decrease of -23 units in total sales from the same time period last year. Total sales volume are down by about 7 million from March 2009 while Days on Market have decreased by approximately 2 weeks.

*********************************************************************************************

For FORECLOSURE Prevention & all your Real Estate Services,

Contact:

DAVID DEE
(626) 203-5676

“Client 1st. That’s the David Dee Guarantee.”

Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.

Copyright © 2010 by DAVID DEE. All Rights Reserved. “Garden Grove CA Real Estate Market Report March 2010″

There were 38 homes that closed within the month of March 2010 for Westminster California, compared to 37 homes closed in March 2009, a decrease of -1.

Sales Volume for homes closed in Westminster CA for March 2009 was $16,213,500

Sales Volume for homes closed in Westminster CA for March 2010 was $17,420,490

Average list price for homes closed in Westminster CA for March 2009 was $450,594

Average list price for homes closed in Westminster CA for March 2010 was $463,620

Average SOLD price for homes closed in Westminster CA for March 2009 was $438,203

Average SOLD price for homes closed in Westminster CA for March 2010 was $458,434

Average Days on Market for homes closed in Westminster CA for March 2009 was 57 days.

Average Days on Market for homes closed in Westminster CA for March 2010 was 54 days.

*Note: the above statistics are for Single-Family Homes only.

Total units of sold homes have decrease by 1 compared to prior year with average days on the market down by 3 days. For March 2010, average square feet of homes sold is 1668 while in Mar 2009 it was 1690. The market is still going strong as buyers are still looking to make a purchase before the tax credit deadline.

*********************************************************************************************

For FORECLOSURE Prevention & all your Real Estate Services,

Contact:

DAVID DEE
(626) 203-5676

“Client 1st. That’s the David Dee Guarantee.”

Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.

Copyright © 2010 by DAVID DEE. All Rights Reserved. “Westminster CA Real Estate Market Report March 2010″

There were 48 homes that closed within the month of March 2010 for Buena Park California, compared to 43 homes closed in March 2009, an increase of +5.

Sales Volume for homes closed in Buena Park CA for March 2009 was $16,341,700

Sales Volume for homes closed in Buena Park CA for March 2010 was $19,711,400

Average list price for homes closed in Buena Park CA for March 2009 was $377,712

Average list price for homes closed in Buena Park CA for March 2010 was $420,814

Average SOLD price for homes closed in Buena Park CA for March 2009 was $380,040

Average SOLD price for homes closed in Buena Park CA for March 2010 was $410,654

Average Days on Market for homes closed in Buena Park CA for March 2009 was 59 days.

Average Days on Market for homes closed in Buena Park CA for March 2010 was 74 days.

*Note: the above statistics are for Single-Family Homes only.

In March 2010, an increase of 5 units were seen compared to March 2009. There was a 30k increase in average Sold price compared to the same period for the prior year. Days on market have gone up by about 2 weeks and the average sales volume are up by $3.4M.

*********************************************************************************************

For FORECLOSURE Prevention & all your Real Estate Services,

Contact:

DAVID DEE
(626) 203-5676

“Client 1st. That’s the David Dee Guarantee.”

Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.

Copyright © 2010 by DAVID DEE. All Rights Reserved. “Buena Park CA Real Estate Market Report March 2010″

Are you late on your mortgage payments?

Are you getting countless telephone calls daily?

Did you lose your job or going through divorce?

Are strangers consistently knocking on your door?

Here is some info that may bring some light to your situation.

1. Lenders are making a push for loan modifications. We can help you through this process at NO COST to you.

2. You can do a loan mod on your first and 2nd lender (should you have 2 loans) to structure a lower monthly payment.

3. As long as you continue to pay you may stay in your home. We can help you analyze your financials.

4. You may minimize damage to your credit. Letting the home go into Foreclosure will put a big ding on your credit for 7 years.

5. Getting your payments lower will help you keep your home and stay in it.

If you are in this situation, there is still hope. Contact me to set up an appointment to meet to discuss the options you may not know you have. This is a FREE Loan Modification so there is NO COST to you.

*********************************************************************************************

For FORECLOSURE Prevention & all your Real Estate Services,

Contact:

DAVID DEE
(626) 203-5676

“Client 1st. That’s the David Dee Guarantee.”

Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.

Copyright © 2010 by DAVID DEE. All Rights Reserved. “FREE Loan Modifications Help – San Gabriel Valley CA”

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Looking For LOAN MODIFICATIONS? NO UPFRONT FEES!

Don’t Let the Bank FORECLOSE.  SAVE Your HOME…We Can Help.

Contact:

DAVID DEE - Associate Broker / Realtor®
FORECLOSURE PREVENTION CONSULTANT

Cell:        (626) 203-5676
www.SoCalRealEstateReport.com

“Client 1st. That’s the David Dee Guarantee.”

Century 21 Excellence  -We have 5 Offices to Serve You-

Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.

Copyright © 2010 by DAVID DEE. All Rights Reserved.

Homeowners, protect yourself from Loan Modifications Scams. These con artists will demand an upfront fees in order for them to proceed with assisting you in modifying your loan. Don’t become one of the statistics. Please beware as some ruthless “rescuers” will prey on homeowners who are in financial stress.

These companies claim that they can modify one or more terms of the loan agreement. This can be in the form of lowering the interest rate or extending the length of the loan from say 30 to 40 years. Other terms that they claim are to turn an adjustable rate into a fixed rate or deferring some of the payments of the loan. In any case, they will do what is needed to restructure the loan to be more manageable. It sounds good and dandy but the outcome is otherwise.

Over the weekend, I’ve encountered 3 homeowners who paid from $2500 up to $5000 to companies who claim that they can fix the problems and lower the monthly mortgage payments for these homeowners. Upon looking at their paperwork, I discovered the sad truth that these homeowners sign off on this “non-refundable” clause in the contract. It is horrendous whenever I find that other “professional” are preying on these homeowners.

With the passage of the California Civil Code Section 2945, a homeowner cannot be charged “any fees for assisting in and/or obtaining a loan modification prior to its completion”. When we assist homeowners to modify their loans, we never charge any upfront fees. Scammers that go around committing these acts are tainting the name of the ‘profession’. We are doing what we can to correct the ‘profession’ and in the process assist the homeowners in getting the services and solution they need.

——————————————-o———————————————

Looking For LOAN MODIFICATIONS? NO UPFRONT FEES!

Don’t Let the Bank FORECLOSE.  SAVE Your HOME…We Can Help.

Contact:

DAVID DEE - Associate Broker / Realtor®
Foreclosure Prevention Consultant

Cell:        (626) 203-5676
www.SoCalRealEstateReport.com

“Client 1st. That’s the David Dee Guarantee.”

Century 21 Excellence  -We have 5 Offices to Serve You-

Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.

Copyright © 2009 by DAVID DEE. All Rights Reserved.

Anaheim: For month ending November 2009, a total of 3 properties were sold in the city of Anaheim. These were 2 -4 units, ranging from 230k to 627k. There are currently 62 Residential Income properties Active on the market and 29 with a Pending Status.

Garden Grove: For November 2009, a total of 7 properties were Sold in the city of Garden Grove. These were 2 to 16 units, ranging in price from 400k to 1.575M. There are currently 17 Residential Income properties Active on the market and 6 with a Pending Status.

It appears that units that are priced right are moving along just fine. As investors are creeping back in or those who are performing 1031 exchanges, the Residential Income properties are starting to see activity.

——————————————-o———————————————

Looking For LOAN MODIFICATIONS? NO UPFRONT FEES!

Don’t Let the Bank FORECLOSE. We Offer FREE SHORT SALE Services!

Contact: 

DAVID DEE
Associate Broker / Realtor®

Cell:        (626) 203-5676
Website: www.SoCalRealEstateReport.com

“Client 1st. That’s the David Dee Guarantee.”

Century 21 Excellence  -We have 5 Offices to Serve You-

Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.                                                                  

 Copyright © 2009 by DAVID DEE. All Rights Reserved.