The Collected Works of Author and Blogger Larry Roberts

Archive for 2013

Borrowers will pay taxes on forgiven mortgage debt starting next year. Ordinarily, the IRS considers forgiven debt a form of income, which it is. In 2007 Congress passed the Mortgage Foreclosure Debt Forgiveness Act which allowed borrowers who short sell their houses to avoid taxation on forgiven debt. Many borrowers availed themselves of this tax break and extricated themselves from a bad housing situation. In the future, borrowers in similar circumstances will owe enormous tax bills if they receive any mortgage debt forgiveness. End of mortgage-fix break could mean big tax bills By Les Christie @CNNMoney December 6, 2013: 10:14 AM ET NEW YORK (CNNMoney) A tax break for struggling mortgage borrowers ends Jan. 1 and that could mean big…[READ MORE]

Late Friday afternoon, in an attempt to bury an important story, the department of Housing and Urban Development (HUD) directed the Federal Housing Administration (FHA) to lower loan limits in high-priced markets. On January 1, 2014, borrowers will be limited to $625,500 loans in Coastal California. This surprise move will affect houses priced in the $650,000 to $800,000 price range. Borrowers looking to borrower more than $625,500 must use jumbo financing, which usually requires at least 20% down and higher FICO scores. Previously, a potential buyer of a $765,000 home only needed a $35,250 down payment to complete the sale. Now that buyer must come up with $153,000, and they are subject to much more stringent qualification standards. This will…[READ MORE]

High-end properties were once immune to foreclosures.  These loanowners had little fear, compared to a loanowner in the Inland Empire that had a much greater chance of a foreclosure action by the bank.  This recent change in bank foreclosure policy is an indication of confidence by the banks that the cloud inventory is now completely under control, at least for the time being. HIGH-END FORECLOSURES UP 61 PERCENT YEAR-TO-DATE IN 2013 Overall U.S. foreclosure activity is down 23 percent year-to-date through October 2013, but foreclosure activity on properties in the $5 million-plus value range is up 61 percent from the same time period in 2012. Defaults in that range were infamous, however defaults in that range they seem to rarely materialize into…[READ MORE]

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Luxury Villa with Incredible Garden and Pool, Minutes to Beach, Ocean View Offering you our splendid home with an incredible resort style garden. Wonderful accommodations for 1 or 2 families, or a group of friends, it sleeps 9 adults comfortably, a toddler air mattress and a baby pack and play are also available. With views towards the hillside and the ocean, sitting on the deck surrounding the back of our home you can enjoy incredibly breathtaking sunsets. Fragrant smells from the rose garden mixed with lavender and jasmine fill the deck; which has a large barbecue, covered large table for eating al fresco. Our garden offers ocean, hill and mountain views. The large salt water pool and spa (all fenced)…[READ MORE]

Some say the world will end in fire,Some say in ice.From what I’ve tasted of desireI hold with those who favor fire.But if it had to perish twice,I think I know enough of hateTo say that for destruction iceIs also greatAnd would suffice. Robert Frost Back in early 2009, I posed the question Will the market perish in fire or in ice? The housing market faced the band-aid dilemma: Is it preferable to remove a band-aid quickly and endure a brief moment of intense pain, or is it better peel off a band-aid slowly and endure less pain but over a much longer period of time? Graph from 2009: More than a theoretical and philosophical mind game, the band-aid dilemma was…[READ MORE]

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