Tag Archives: Bay Area

Register Now for the 2014 San Francisco Housing Expo

Register Now for the 2014 San Francisco Housing Expo

Register Now for the 2014 San Francisco Housing Expo


HomeowenershipSF presents their annual Housing Expo this coming June 14.

The expo will offer information and resources for both perspective home buyers and current homeowners.

Current home buyers will be able to get the latest information about down payment assistance programs, credit tools and special mortgage products. Buyers will also be able to tour affordable homes for sale. Be sure and book the tour early because last year the tour booked up quickly.

For current homeowners, the expo will offer counseling and on the spot loan modification services for those in distress or suffering a hardship. The program will also include updates from Keep Your Home CA as well as other programs such as the CA Homeowners Bill of Rights to help avoid foreclosure.


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Filed under California, down payment assistance, Events, Foreclosure, Loan Modifications, Mortgages, San Francisco

California Short Sellers No Longer Need To Worry About Federal Income Tax

California Short Sellers No Longer Need To Worry About Phantom Income

California Short Sellers No Longer Need To Worry About Phantom Income

With the surging San Francisco and Bay Area real estate market, shorts sales and foreclosures have seen a steep decline. Even so, they still exist in San Francisco, San Mateo County as well as neighboring counties and cities.

Thanks to California Senator Barbara Boxer who pushed this issue with the IRS and got this letter  as clarification about the Mortgage Debt Forgiveness Act.

“The IRS has clarified in a letter that California’s troubled homeowners who sell their homes in a short sale are not subject to federal income tax liability on “phantom income” they never received.”

Homeowners in California involved in short sales have been concerned with “phantom income” which refers to the amount of debt that is forgiven when a lender is willing to accept less than the full amount owed (as in a short sale). If you owed $500,000 on your mortgage, and the lender allowed a short sale for $450,000, you would have “received” $50,000 in phantom income.

In 2012, Congress extended the Mortgage Forgiveness Debt Relief Act. The California version expired at the end of 2012. The Federal provision expired at the end of 2013. This year instead of waiting for Congress to pass (or not) the Mortgage Forgiveness Debt Relief Act, the IRS and the Franchise Tax Board (California’s version of the IRS) eliminated the phantom income tax. In short, California short sellers of residential properties (1 – 4 units) will continue to be protected from taxation on the “phantom income” received in a short sale.

With so many issues nipping at the heels of still underwater homeowners at least the fact that Uncle Sam and his California cousin will not have their hands out at the end of any short sale transaction ready to collect phantom income will make things slightly easier for still distressed property owners.

Mortgage Debt Forgiveness: 10 Key Points

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Filed under California, San Francisco, San Mateo county, short sales, Tax Credits

Adjusting Loan Modifications Will Hit In 2014

Adjusting Loan Modifications Will Hit In 2014

Adjusting Loan Modifications Will Hit In 2014

Homeowners May Face Adjusting Loan Mod Rates Beginning In 2014

With distressed Bay Area properties going the way of affordable rent, and prices in most areas still on the rise (or at least steady) most homeowners and others interested in real estate think that we have seen the last wave of distressed properties in our collective rear view mirrors.

Like the mirrors in a funhouse, the real estate view may be slightly distorted or even downright scary. Despite the fact that the economy in the hilly city and as well as Silicon Valley, Marin, etc continues to display robust numbers, many people overlook the scary loan mod adjustment monster that looms on the horizon.

Those with short memories will need a refresher to remember that not only did the real estate crisis start about 2009 but so did the loan modification craze. While many homeowners received 30 or 40 year fixed loan mods, many homeowners received five year loan mods, meaning that they adjust after five years. These adjustments will mean that many homeowners will not be able to afford the adjusted monthly payment.

We have spoken with many homeowners who have these loan mods that will begin adjusting in 2014. Many of these homeowners can see the writing on the wall. Most will not be able to pay the adjusting amount which will put them in awkward positions. Either underwater or with equity, these homeowners may not be able to pay their new adjusted mortgage.

Re-modifying Adjusting Loans

Can homeowners return to the bank for another loan mod? Banks have not been in the habit of re-modifying loans so that may not be an option. Unfortunately, these homes may be future examples of distressed equity sales.

Some prognosticators think that we may be in store for 11 more years of short sales, foreclosures, loan mods and the distressed properties. That may be a bit of a stretch however it may likely continue for at least five years.

Homeowners with soon to be adjusting loan modifications (2014, 2015) take note. Be proactive. Create a game plan for your home or investment property instead of waiting until the loan modification adjusts. Doing so will allow you to look yourself in the mirror and know that you did the right thing.

Anyone with question about how to approach their adjusting loan mod can feel free to contact me at keith@resourcerock.com.

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Filed under Banks, California, Loan Modifications, Mortgages, San Francisco

Money For Underwater Homeowners Languishing In Bank Accounts – TV Interview

Keith Rockmael of Bay Area Resource

Keith Rockmael of Bay Area Resource

Tom Vacar, KTVU/Fox 2’s Consumer Editor, interviewed Keith Rockmael one one of the Bay Area Resource coalition members.

See link for video which aired yesterday on the 5 o’clock news here in the San Francisco Bay Area.


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October 30, 2013 · 7:43 pm

Upcoming 2013 San Francisco Housing EXPO

Upcoming 2013 San Francisco Housing EXPO

Upcoming 2013 San Francisco Housing EXPO

SF Housing EXPO Offers Resources For Current And Future Homeowners

After a one year hiatus, HomeownershipSF presents the upcoming HomeownershipSF Housing Expo. The free expo will present information opportunities for future and current homeowners. HomeowershipSF partners with the Mayor’s Office of Housing the five member agencies, Asian Inc., Consumer Credit Counseling Service of SF, Mission Economic Development Agency, SF Housing Development Corp. and SF LGBT Center to promote affordable housing in the city.

For those who don’t work at Google, Facebook or Twitter and may be thinking that affordable homeownership in San Francisco represents an oxymoron of epic proportions consider that possibilities do exist for low to medium income San Franciscans. Come to the expo to discover about city, state, and federal down payment assistance programs, as well as special loans for veterans, emergency first responders, and teachers.  Keep in mind that Below Market Rate (BMR) properties have become available again.

Expo Also Offers Info For Current and Distressed Homeonwers

In addition to workshops about buying a home, the expo will offer workshops for current owners. Although the San Francisco real estate market continues to rise at a steady pace, some current owners still face distressed situations. The expo will offer sessions to educate homeowners about many topics including the important California Homeowners Bill of Rights as well as updates from Keep Your Home California.

Although the expo is free, it is a good idea to register in advance due to the limited capacity of some workshops.

To register click on the link here

October 26, 2013

10:30 am to 5:30 pm

At St. Mary’s Cathedral

1111 Gough St., San Francisco 94109

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Filed under California, down payment assistance, Events, San Francisco

2013 San Francisco Housing Expo Coming In October

housing sf flyer-1For anyone out there who thinks:

A: It’s impossible to buy a home in San Francisco unless you work at Google or Facebook or

B: That foreclosures and foreclosure prevention does not exist anymore in San Francisco,

might consider attending the HomeownershipSF FREE RESOURCE FAIR FOR CURRENT AND FUTURE HOME BUYERS

For those wishing to purchase a home in San Francisco we have listed a number of items that will be included in the free event

Find out about down-payment assistance programs

Tour available Below Market Rate (BMR) properties

Learn about special products and services for Veterans, persons with disabilities, and Union members

For CURRENT HOMEOWNERS who may be having difficulty dealing with their servicer, making mortgage payments, trying to save their home or finding out of the box solutions may wish to attend as well.

The expo will include:

Negotiate directly with servicers to modify your home loan

Meet with a certified Keep Your Home CA counselor

Find out about grants and low interest loans for needed home repairs

Connect with resources to support your financial well being

Those wishing info before the event can feel free to contact us for assistance and information.

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Filed under Banks, California, Events, Foreclosure, Loan Modifications, Mortgages, pre-foreclosure, San Francisco

Richmond May Use Eminent Domain To Help Upside Down Homeowners

Richmond May Use Eminent Domain To Help Underwater Homeowners

Richmond May Use Eminent Domain To Help Upside Down Homeowners

Richmond Seeking Proactive Solution For Distressed Homeowners

Anyone in the San Francisco Bay Area who thinks that the real estate crises and underwater homes are “so 2012” might consider a trip over to nearby Richmond. Just across the Bay, Richmond city officials have taken a serious step toward actually using the eminent domain tactic to rescue underwater homeowners from their distressed homes.

While homeowners in San Francisco, San Mateo and many other nearby cities enjoy healthy appreciation in their homes, Richmond residents continue to struggle with options to fix their situations.

This week the city of Richmond sent letters to 32 banks and other mortgage holders offering to buy 624 underwater mortgages at discounts to their homes’ current value. If the banks fail to cooperate with the city, then Richmond may use what some cities have threatened in the past, to use their power of eminent domain to condemn the mortgages, and seize them using court determined fair market value.

Them the city would assist homeowners to refinance info the mortgages in line with their current value.

Richmond’s goal is to help stabilize the community by eliminating the numerous distressed homes that remain.

Of course the banks and Wall Street investors don’t think highly of this idea. They claim that the tactic is unconstitutional and if the city does move forward you can bet your mortgage that lawsuits will be flying around the city of Richmond.

Richmond Underwater Homes By The Numbers

624 Loans Richmond has made offers on

444 Loans current on payments

180 Loans delinquent on payments

32 Servicers for those loans

$241.98 million Total face value of those 624 mortgages

$177.16 million Total current market value of the 624 homes

$68.82 million Negative equity in the homes

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Filed under Banks, California, Mortgages