This Monday, Governor Schwarzenegger signed a bill that would give homeowners tax relief for the difference of amount owed after going through a foreclosure, short sale, or loan modification. This is great news!!! Before, if you do a short sale, you would be taxed for the difference between the amount of mortgage owed and the sales price. Honestly, this was a concern for me before. I thought, how could struggling homeowners, in addition to them losing their homes, be responsible to pay thousands of dollars on taxes. For more info on this bill, please click on http://www.car.org/newsstand/news/sb401/
If you are planning on purchasing appliances like refrigerator, clothes washer, or room/window AC, then this rebate is for you. The state received about 35 million dollars towards this program and it will begin on April 22nd. You can get a rebate of $200 on refrigerators, $100 on clothes washers, and $50 on room/window AC. The appliances have to be energy efficient. For the list of requirements and forms to be filled out, please click on this link http://www.energy.ca.gov/recovery/energystar.html
In addition to the California rebate, if you are a resident of Chula Vista, you can be eligible for an additional $20.00 rebate. Again, the appliances have to be energy efficient and qualified. You would also have to purchase the appliances at Home Depot, Sears, and Best Buy. Here is the link to check out for more info http://www.chulavistaca.gov/clean/conservation/Climate/HUCD.asp
I hope that this was very helpful to you. Please share this info with friends and family. Let me know if you have any questions or would like to talk to me about how I could help you in doing a short sale.
Michelle Mendoza
Service Above Self
619-997-4118
michellemendoza@century21award.com
Wednesday, April 14, 2010
Wednesday, March 31, 2010
What?! $18,000 Combined Tax Credit for a Limited Time Only!!
$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME
Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.
Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.
Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.
Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.
Friday, March 12, 2010
Thursday, November 12, 2009
Getting Close! We still need your help!!!
Backpack Ministry Philippines 2009 is on the move!! Not only are we donating 300 backpacks, which is double the amount from last year, but we are also including canned food, Top Ramen noodles, candies and books. Praise the Lord, for sure!!
I am encouraged by how many people have given their time and donations to reach out thousands of miles away...in the Philippines. I can't wait to receive pictures of the kids receiving their backpacks and opening them up to see the treats inside.
We still need help, if anyone is able to sponsor a shipping fee. We have to finish strong this year! Let's make 300 kids' Christmas memorable.
I am encouraged by how many people have given their time and donations to reach out thousands of miles away...in the Philippines. I can't wait to receive pictures of the kids receiving their backpacks and opening them up to see the treats inside.
We still need help, if anyone is able to sponsor a shipping fee. We have to finish strong this year! Let's make 300 kids' Christmas memorable.
Wednesday, November 11, 2009
Deed for Lease Program
Fannie Mae just announced a "Deed for Lease" program. All it means is that if the homeowners are not able to do a loan modification and are facing foreclosure, they can return the deed back to the lender and rent the property at market value.
Please click on the link below for more information.
More Info on Deed for Lease
Please click on the link below for more information.
More Info on Deed for Lease
Tuesday, November 10, 2009
Quick Update on Backpack Ministry
Here's an update on our backpack ministry. Please also vote for Efren Penaflorida for CNN Hero of 2009
Vote for Efren - Vote for Efren
Efren on CNN - Video on Efren
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