Newsletter

House Passes Bill To Extend
Tax Credit Deadline

Anti-Deficiency Bill Passes
Assembly Judiciary Committee

The U.S. House of Representatives passed a stand-alone bill yesterday extending the closing deadline for the federal home buyer tax credit to Sept. 30, 2010.  Backers of the House measure said the 90-day extension would permit tens of thousands of home buyers whose paperwork didn’t clear by June 30 to still receive the credit.  Estimates from NAR show as many as 17,700 home buyers in California may not receive the tax credit if the deadline is not extended.  The bill now must pass the Senate.

Ceiling Fans Versus Air Conditioners

Instead of running an air conditioner at a cost of 16 cents per hour or 43 cents per hour for central air, use a ceiling fan. If you use an air conditioner, select an ENERGY STAR variety, which will save 20 to 40 percent in energy consumption as compared with conventional air conditioners.

The Assembly Judiciary Committee passed SB 1178 (Corbett) yesterday with a bipartisan vote of 7-1.  The bill, which will extend anti-deficiency protections to homeowners who have refinanced “purchase money” loans and now are facing foreclosure, now must pass the Assembly before going to the governor for his signature.  SB 1178 passed the Senate earlier this month.

The California Association of.REALTORS. is sponsoring this bill to close a loophole in the law that allows California homeowners, already facing the possibility of foreclosure, to be sued by their lender for the difference between the value of the foreclosed property and the outstanding balance on the mortgage loan.

Troubled Homeowners Find Help
Outside Obama Program

More borrowers dropped out of the Obama administration’s foreclosure prevention program last month than were added, but many of those homeowners found private help from their mortgage companies, according to data released Monday.

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