Zaida Patel, Realtor —– Blog Website

Los Angeles Times

Many borrowers in default stay put as lenders delay evictions
Despite being months behind, many strapped residents are hanging on to their homes, essentially living rent-free.  Pressure on banks to modify loans and a glut of inventory are driving the trend.

To read the full story, please click here.

Congress has passed new legislation to extend the First Time Homebuyer credit of $8000, until April 30, 2010.  e  In addition, existing homeowners who has lived in their primary residence in the last five years, qualifies for a $6500 tax credit.  For more info, click here.

We receive lots of questions about tax liability of short sales and foreclosures.  As real estate brokers we are not licensed to give advice on this topic however we can lead you to the information that may answer your questions.

On December 20, 2007 the Mortgage Forgiveness Debt Relief Act of 2007 was enacted. Usually, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain cancelled debt on your principal residence from income.  More information regarding the Mortgage Debt Relief Act can be found on the IRS website below:

http://www.irs.gov/individuals/article/0,,id=179414,00.html

Or the California Association of Realtors, Legal Department has put together an FAQ regarding the taxation of Foreclosures, Deeds in Lieu of Foreclosure, and Short Sales. This is more detailed and specific to California.      For more information, please click here.

According to the New York Times, sales of previously owned homes surged in July as buyers stormed back to the market, taking advantage of falling prices, lower interest rates and a tax credit for first-time homeowners, an industry group reported on Friday.  For full story, click here.

Thank you for visiting ZaidaPatel.com.   As one of the premier real estate services in the San Francisco bay area, we offer valuable real estate information and news to buyers and sellers in all areas related to real estate with a particular emphasis on the east bay communities of Fremont, Union City, Newark, Hayward, Dublin, Pleasanton and San Ramon.

The SF bay area Ca real estate is changing rapidly. We know it is important for buyers and sellers to stay informed on home values. I  specialize in reporting current market information and news concerning Fremont, Union City, Newark, Hayward, Dublin, Pleasanton and San Ramon real estate.

1. I won’t waste your time – when an offer is made, I’ll require acceptance or a counter offer within 24 to 48 hours.
2. You’ll have the advantage of personal, one-on-one attention, as well as my dynamic web and e-mail resources.

Feel free to call my cell phone (510-676-2236) or send me an e-mail ( zpatel at rwnetwork.com).

- Realty World Viking Realty

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