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Greg Cook's Blog

By Greg Cook 951-265-4532 | Mortgage Broker
or Lender in Temecula, CA
  • The IRS Driving A Stake Into The Heart Of California Homeowners?

    Posted Under: Home Selling in Riverside County, Financing in Riverside County, Foreclosure in Riverside County  |  November 20, 2013 11:21 AM  |  240 views  |  No comments
    Mortgage Debt Forgiveness ActIRS Is Figuring Out New Ways To Tax Homeowners On Short Sales And Loan Modifications. The Mortgage Debt Forgiveness Act (MDFA) is set to expire on December 31 and has some folks doing their best "Chicken Little" impersonation.

    According to an article in “Mortgage Fraud Investigations” the IRS is “essentially figuring out new ways to sidestep the spirit of a law passed by Congress that exempts homeowners from declaring as income any forgiven debt from short sales or modifications.”

    The proof is in the form of a letter written by Michael Montemurro of the IRS to our very own Barbara Boxer (D-CA). In August she wrote a letter to the head of the IRS asking ”whether a homeowner would have taxable cancellation of indebtedness income on a ìender approved short sale that qualifies under section 580e  of the California Code of Civil Procedure (CCP)”

    You can read the IRS reply here.

    How is the expiration of the MDFA going to affect California homeowners?

    The obvious answer is “consult your tax professional” but in 2011, California enacted an anti-deficiency provision under section 580e of the CCP, which generally prohibits a lender who holds a deed of trust on a homeowner's principal residence from either claiming a deficiency or obtaining a deficiency judgment from the homeowner after agreeing to a short sale. The statute effectively limits lne homeowner’s liability to the amount the lender received on the sale of the principal residence, and the homeowner is not personalìy liable for the deficiency baiance (the difference between the loan balance and the sales price).

    Because a good story should always raise more questions than it answers

    Section 580e has certain exceptions to its anti-deficiency provisions. Also, "federal law may override Californians anti-deficiency provisions in certain circumstances. lf any state or federal law would have the effect of nullifying an obligations nonrecourse status, we would generally consider the obligation a recourse obligation subject to the application of the cancellation of indebtedness provisions of section 61(a)(12) of the Code."

    It appears there is little chance for extension of the MDFA, the IRS letter clearly defines how a homeowner has to report the forgiven debt and for many California Homeowners their will be little to no tax liability (assuming they get expert tax advice).

    Of course I could be wrong


  • Rosie Boyts among first Temecula Realtors to earn Certified Military Housing Specialist Designation

    Posted Under: Home Buying in Temecula, Home Selling in Temecula, Financing in Temecula  |  November 8, 2012 4:23 PM  |  341 views  |  No comments

    ROSIE BOYTS AMONG  RARE GROUP OF REALTORS NATIONALLY CERTIFIED TO WORK WITH MILITARY HOMEBUYERS

    Certified Military Housing Specialist Course educates housing professionals on the uniqueness of lending to the military


    Temecula, CA 11/08/12- Rosie Boyts of Twin Cities Realty in Temecula has achieved the rare distinction of becoming nationally certified to work with and understand the uniqueness of lending to military borrowers after graduating from the Certified Military Housing Specialist Course, which is exclusively offered by USA Cares, Inc,  a national military assistance nonprofit that gives emergency financial support to military and their families.

    Funded by a grant from Fannie Mae, the CMHS course helps housing professionals make sense of the military language, rank and pay system, delivering the tools and knowledge necessary to provide prompt and competitive service to military borrowers.  It includes timely advice regarding foreclosure prevention, with tips loan officers and Realtors can give their clients to help them avoid mortgage delinquencies in the future.


    “We are the only national organization offering this type of training,” said Peter Giusti, president of USA Cares.”It’s important for the real estate and lending communities to understand how to serve our nation’s military with the highest standard. They can’t do that unless they understand the military’s world and language.”

    “Rosie is among the first graduates of the Certified Military Housing Specialist event held in Temecula” according to Greg Cook of Golden Empire Mortgage who hosted the certification training. “The knowledge she gained gives her the tools and understanding to better serve her military clients.”


    Rosie Boyts may be reached at 951-719-4592 or email: rosieboyts@verizon.net For more information on CMHS certification, contact Greg Cook, Golden Empire Mortgage at 951-765-1718 or email: gcook@gemcorp.com


    About: USA Cares

    USA Cares, Inc. is a national nonprofit that raises funds and public awareness to supply post-9/11 career and non-career military service members with grants to remedy the financial hardship caused by multiple deployments or service to the nation. The organization operates an exclusive and unique program that trains financial professionals on the uniqueness of lending to military members.

  • Cathy Miller of Twin Cities Realty earns Certified Military Housing Specialist Designation

    Posted Under: Home Buying in Temecula, Home Selling in Temecula, Financing in Temecula  |  November 8, 2012 3:33 PM  |  359 views  |  No comments

    CATHY MILLER AMONG  RARE GROUP OF REALTORS NATIONALLY CERTIFIED TO WORK WITH MILITARY HOMEBUYERS

    Certified Military Housing Specialist Course educates housing professionals on the uniqueness of lending to the military


    Temecula, CA 11/08/12- Cathy Miller of Twin Cities Realty in Temecula has achieved the rare distinction of becoming nationally certified to work with and understand the uniqueness of lending to military borrowers after graduating from the Certified Military Housing Specialist Course, which is exclusively offered by USA Cares, Inc,  a national military assistance nonprofit that gives emergency financial support to military and their families.

    Funded by a grant from Fannie Mae, the CMHS course helps housing professionals make sense of the military language, rank and pay system, delivering the tools and knowledge necessary to provide prompt and competitive service to military borrowers.  It includes timely advice regarding foreclosure prevention, with tips loan officers and Realtors can give their clients to help them avoid mortgage delinquencies in the future.


    “We are the only national organization offering this type of training,” said Peter Giusti, president of USA Cares.”It’s important for the real estate and lending communities to understand how to serve our nation’s military with the highest standard. They can’t do that unless they understand the military’s world and language.”

    “Cathy is among the first graduates of the Certified Military Housing Specialist event held in Temecula” according to Greg Cook of Golden Empire Mortgage who hosted the certification training. “The knowledge she gained gives her the tools and understanding to better serve her military clients.”


    Cathy Miller may be reached at 760-902-5793 or email: cathymiller@twincitiesrealtyca.com For more information on CMHS certification, contact Greg Cook, Golden Empire Mortgage at 951-765-1718 or email: gcook@gemcorp.com


    About: USA Cares

    USA Cares, Inc. is a national nonprofit that raises funds and public awareness to supply post-9/11 career and non-career military service members with grants to remedy the financial hardship caused by multiple deployments or service to the nation. The organization operates an exclusive and unique program that trains financial professionals on the uniqueness of lending to military members.

  • Linda Whitaker of Twin Cities Realty earns Certified Military Housing Specialist Designation

    Posted Under: Market Conditions in Temecula, Home Buying in Temecula, Home Selling in Temecula  |  November 8, 2012 3:15 PM  |  310 views  |  No comments

    LINDA WHITAKER AMONG  RARE GROUP OF REALTORS NATIONALLY CERTIFIED TO WORK WITH MILITARY HOMEBUYERS

    Certified Military Housing Specialist Course educates housing professionals on the uniqueness of lending to the military


    Temecula, CA 11/08/12- Linda Whitaker of Twin Cities Realty in Temecula has achieved the rare distinction of becoming nationally certified to work with and understand the uniqueness of lending to military borrowers after graduating from the Certified Military Housing Specialist Course, which is exclusively offered by USA Cares, Inc,  a national military assistance nonprofit that gives emergency financial support to military and their families.

    Funded by a grant from Fannie Mae, the CMHS course helps housing professionals make sense of the military language, rank and pay system, delivering the tools and knowledge necessary to provide prompt and competitive service to military borrowers.  It includes timely advice regarding foreclosure prevention, with tips loan officers and Realtors can give their clients to help them avoid mortgage delinquencies in the future.


    “We are the only national organization offering this type of training,” said Peter Giusti, president of USA Cares.”It’s important for the real estate and lending communities to understand how to serve our nation’s military with the highest standard. They can’t do that unless they understand the military’s world and language.”

    “Linda is among the first graduates of the Certified Military Housing Specialist event held in Temecula” according to Greg Cook of Golden Empire Mortgage who hosted the certification training. “The knowledge she gained gives her the tools and understanding to better serve her military clients.”


    Linda Whitaker may be reached at 951-906-8346 or email: linda@lindawhitaker.com For more information on CMHS certification, contact Greg Cook, Golden Empire Mortgage at 951-765-1718 or email: gcook@gemcorp.com


    About: USA Cares

    USA Cares, Inc. is a national nonprofit that raises funds and public awareness to supply post-9/11 career and non-career military service members with grants to remedy the financial hardship caused by multiple deployments or service to the nation. The organization operates an exclusive and unique program that trains financial professionals on the uniqueness of lending to military members.

  • San Diego Homeowners The Top 10 Things You Need to Know About the 3.8% Tax

    Posted Under: Market Conditions in San Diego County, Home Selling in San Diego County  |  September 6, 2012 1:16 PM  |  510 views  |  No comments

    The 3.8% tax attached to the President's Health Care Bill has gotten a lot of ink and has many San Diego homeowners concerned if they are thinking of selling their San Diego home.

    The first thing you need to know is that most of what you've heard is WRONG!

    Not long after the tax was enacted, erroneous and misleading documents went
    viral on the Internet and created a great deal of misunderstanding and made the tax into
    something far more draconian than the actual provisions.

    Thanks to the National Association of Realtors (NAR) for publishing this TOP TEN list to help combat the flood of misinformation that seems to follow just about everything on the internet (of course in an election year THAT never happens either!)

  • Football season finally over for Temecula homeowners?

    Posted Under: Home Selling in Temecula  |  April 7, 2010 8:50 AM  |  564 views  |  No comments

    It's been 59 days since the New Orleans Saints won Super Bowl XLIV on February 7. I've heard they are still celebrating in the Vieux Carre (French Quarter) and should be finished in time for training camp in August.

    Well homeowners in Temecula, Murrieta and other portions of Riverside and San Diego County who sold their home in 2009 via the short sale process probably won't be celebrating but will be able to breathe a little easier by Thursday, April 8th.
    Read the complete article

    If you're a homeowner facing foreclosure and would like to discuss your options with a distressed property specialist, call or email us.

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  • Tax help on the way for struggling Temecula homeowners

    Posted Under: Home Selling in Temecula  |  March 10, 2010 11:34 AM  |  578 views  |  No comments


    Tax Help for struggling Temecula homeowners

    The California Assembly has recently passed legislation that will protect struggling homeowners in Temecula, Murrieta and other portions of Southwest Riverside and San Diego County.

    Probably the worst thing that can happen to you, is to lose your home through a short sale or foreclosure, and then be presented with a tax bill that you can't pay.

    As state law now stands not all homeowners who have a foreclosure, short sale or loan modification will take a state tax hit. According to the Senate Revenue and Taxation Committee, for example, debt forgiven on a first mortgage used to buy a house even now is not taxable. That is not true, however, if the original mortgage is refinanced and money taken out to buy a car or for another investment.

    Read the complete article

    If you are a struggling Temecula homeowner and would like to discuss your options, please call or email us.

    For more valuable homeowner information, subscribe to our blog, http://firsttimehome.us

    To save or share with a friend, click on the button below.

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