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Mortgage Debt Relief Act Extended for Another Year

Struggling homeowners who are considering a short sale or modification will be eligible for tax relief in 2013.

The “fiscal cliff bill” passed by Congress on January 1 included a provision to exclude borrowers from paying taxes on debt forgiven through a short sale, foreclosure, or loan modification.

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Number of Homes Sold, Prices Continue to Rise

Southern California home sales rose sharply in October as move-up buyers joined investors, shifting the mix of homes selling up a notch as foreclosure resales hit a five-year low. The median price paid for a home rose nearly 17 percent from a year earlier, a real estate information service reported.

  Sales Volume Median Price
All homes Oct-11 Oct-12 %Chng Oct-11 Oct-12 %Chng
Los Angeles 5,830 7,268 24.70% $300,000 $341,000 13.70%
Orange 2,241 3,148 40.50% $405,000 $455,000 12.30%
Riverside 3,026 3,407 12.60% $187,000 $220,000 17.60%
San Bernardino 2,300 2,722 18.30% $150,000 $170,000 13.30%
San Diego 2,759 3,622 31.30% $315,000 $350,000 11.10%
Ventura 673 908 34.90% $335,000 $360,000 7.50%
SoCal 16,829 21,075 25.20% $270,000 $315,000 16.70%

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Short Sale Relocation Assistance Program

Short Sale Relocation Assistance Program:
Your could receive $2,500 to $30,000 in relocation assistance
 

Bank of America is excited to announce that for a limited time, we are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property. 

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Short Sales Get Shorter: New Deadlines to go into Effect

Daily Real Estate News |     Thursday, March 15, 2012

As part of a settlement with state attorneys general, the five largest mortgage servicers are adopting new requirements for short sales, which is expected to speed-up what has been known as a lengthy process.

Here are some of the new requirements for servicers under the settlement: 

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