If a lender reduces your principal mortgage or if conduct a short sale in 2013. Nothing like waiting to the last minute.
By Kenneth R. Harney October 7, 2012
WASHINGTON ? Although the news spotlight has been on the presidential debates and the Nov. 6 elections, a more pressing personal issue for large numbers of homeowners across the country involves the lame-duck congressional session scheduled to begin Nov. 13.
Along with the federal budget, billions in tax increases, draconian spending cuts and efforts to avoid the ?fiscal cliff? looming Dec. 31, the lame-duck session is expected to answer what?s estimated to be a multibillion-dollar question for housing: Will Congress renew the mortgage debt forgiveness tax provisions for owners whose mortgage lenders agree to write off portions of their debt, either as part of loan modifications, foreclosures, short sales or deeds-in-lieu of foreclosure? Without an extension, borrowers who receive reductions in principal next year would be hit with federal income taxes at their regular marginal rates on the amounts forgiven.
During the lame-duck session, lawmakers also will have to deal with a slew of other real estate-related issues, including write-offs for mortgage insurance premiums, tax benefits for homeowners who install energy-saving improvements, tax credits for builders of energy-efficient new houses, and extension of current relief for middle-income taxpayers from the alternative minimum tax, among others.
While President Obama, Republican challenger Mitt Romney and most members of Congress have been campaigning, staffs of key House and Senate tax and finance committees ? along with hordes of lobbyists ? have been working out game plans for the lame-duck session.
One key strategy question: Could the Family and Business Tax Cut Certainty Act of 2012 ? which passed the Senate Finance Committee in August and includes mortgage forgiveness relief and other housing-related tax extensions along with alternative minimum tax relief, research-and-development tax credits and dozens of other targeted tax benefits ? be treated as a stand-alone bill? If not, there?s a strong risk of it getting caught up in the much larger partisan fights over spending, the federal debt ceiling and the whole fiscal-cliff debate.
Senate Democrats reportedly were prepared to bring the bill to the floor for a vote before the election recess, but it never happened. Now the fate of the legislation appears to be up in the air, and House leaders may come up with their own version.
Wouldn't you be embarrassed to overpay by $100,000? Only fools buy houses without knowing neighborhood values. Don't be a fool. Don't suffer the pain of an underwater mortgage. The surest way to lose your house is to overpay for it. Our reports identify overvalued and undervalued neighborhoods. Use it to broaden or narrow your search area. Savvy buyers work with us to find bargains. We've saved thousands from financial ruin. Let us save you too. If you want peace of mind while shopping for your next home, sign up for our monthly market newsletter.
32571 Del Zura, San Juan Capistrano, CA 92675 (MLS # U12003893)
(all data current as of 10/12/2012)| Price | $505,000 |
|---|---|
| Beds | 3 |
| Baths | 2 full, 1 half |
| Home size | 2,300 sq ft |
| Lot Size | 3,436 sq ft |
| Days on Market | 7 |
Take a step back in time and come home to the city of San Juan Capistrano, the city that takes pride in the city motto of: Preserving the past to enhance the future. This city is home to the world famous Mission San Juan Capistrano, a historic town center, and even a train depot. The property is a three bedroom, two and one half bathroom single family home that features close to 2,300 sq. ft. of interior living space, plus a rear yard that may be perfect for entertaining! The home is of the Alipaz association which is gated, and has common areas with the fit and finish of a resort. The location is fantastic. You are close to all the great things in this city: schools, parks, recreation, golf, the historic town center, the train station, and the Mission. And don t forget that the beaches of Dana Point are just down the road. So embrace the past and come home to San Juan Capistrano today.The home is a H.U.D owned property.
Property Type(s): Single Family, Residential
| Last Updated | 10/5/2012 | Tract | Alipaz (ALIP) |
|---|---|---|---|
| Year Built | 2002 | Community | Del Obispo |
| Garage Spaces | 2.0 | County | Orange |
| Total Parking | 4 |
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Listed with Patrick Bartolic DRE# 00783792, Evergreen Realty
(view all details for MLS #U12003893)
Proprietary OC Housing News home purchase analysis
32571 DEL ZURA San Juan Capistrano, CA 92675
$505,000 ??.. Asking Price
$515,096 ???. Purchase Price
4/6/2012 ???. Purchase Date
($10,096) ???. Gross Gain (Loss)
($41,208) ???? Commissions and Costs at 8%
============================================
($51,304) ???. Net Gain (Loss)
============================================
-2.0% ???. Gross Percent Change
-10.0% ???. Net Percent Change
-3.4% ???? Annual Appreciation
Cost of Home Ownership
??????????????????????????
$505,000 ??.. Asking Price
$17,675 ???? 3.5% Down FHA Financing
3.40% ????. Mortgage Interest Rate
30 ?????? Number of Years
$487,325 ??.. Mortgage
$127,925 ???. Income Requirement
$2,161 ???? Monthly Mortgage Payment
$438 ???? Property Tax at 1.04%
$0 ???? Mello Roos & Special Taxes
$126 ???? Homeowners Insurance at 0.3%
$508 ???? Private Mortgage Insurance
$72 ???? Homeowners Association Fees
============================================
$3,305 ???. Monthly Cash Outlays
($318) ???. Tax Savings
($780) ???. Equity Hidden in Payment
$19 ????.. Lost Income to Down Payment
$83 ????.. Maintenance and Replacement Reserves
============================================
$2,308 ???. Monthly Cost of Ownership
Cash Acquisition Demands
??????????????????????????
$6,550 ???? Furnishing and Move In at 1% + $1,500
$6,550 ???? Closing Costs at 1% + $1,500
$4,873 ???? Interest Points
$17,675 ???? Down Payment
============================================
$35,648 ???. Total Cash Costs
$35,300 ???. Emergency Cash Reserves
============================================
$70,948 ???. Total Savings Needed
The property above is available for sale on the MLS.
Nearby Foreclosures
Gain a competitive advantage over other buyers. By locating distressed properties -- before they hit the MLS -- you can discover where tomorrow's REOs and short sales will appear. Most of these properties are not listed on the MLS, but they will be soon. Research properties in advance and get a jump on your competition. Don't miss out on another deal because you couldn't act quickly. Use this tool to your advantage!The red properties are already bank owned. As soon as REO asset managers prepare them for sale, they will be on the MLS. Get ready!
The green and blue properties have owners who are not paying their mortgages. They may be offered as short sales, or they may go through foreclosure and become REO. Either way, they will also likely be available on the MLS soon. Find your next home!
Be prepared to offer on these properties by researching them in advance or risk losing out to buyers who are have done their homework. Start your research today!
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