Diane Wheatley

The acceptable timeframe is 30 days no later than 60 days. Legislation just made a change in this ordinance (July 9th). This is how I undersantd it from the information I was provided. But please check with local law or code enforcement to verify this ruling. It was 30 days, then they extended it to 60 days, however, there was further discussion regarding reverting it back to 30 days. So, I'm a bit at odds for an accurate answer. for you. But that should give you a ballpark answer. I'm sorry for you. Good luck. - Thu Jul 24 2008, 00:04

Short Sales:

“Short sales” may occur once a home is in foreclosure or prior, but before the property goes to sale. In a short sale, the lender accepts an offer from a third party buyer for less than the outstanding loan on the property and forgives the deficiency owed by the borrower. This arrangement may be appealing to lenders because it saves time and money by stopping the legal foreclosure process and by taking the property off the lender’s books. However, recently it has come to light that some lenders agreeing to short sales are including language in the release which allows them to sue on the note even though they are releasing the security in the property.

Until December 21, 2007, if the lender accepted less than the balance owed and cancelled the debt, that amount would be considered debt forgiveness, and tax would be due on the amount forgiven. This forgiven amount was called “phantom income.” According to the IRS it is the same as if you received that amount of income. On December 21, 2007 President Bush signed H.R.3648: Mortgage Forgiveness Debt Relief Act of 2007 which provides relief to homeowners facing foreclosure from the phantom income realized from debt forgiveness or foreclosure. The benefit to the borrower of a short sale is that the credit report will show that the loan settled for less than full value as opposed to a foreclosure. Those who are most interested in the short sale opportunity are those who would like to preserve their credit by avoiding the foreclosure. Hope that helps!! Good luck. - Wed Jul 23 2008, 11:35

As long as it is there and you can physically use it, it is there and you need to be sure to list it in the MLS. County assessor's office does not always have accurate data on homes. Common occurance. Just set the record straight by listing the correct features of your home in the Multiple Listing Service and other forms of advertising. Good luck! - Mon Jul 21 2008, 23:32

Do you "have" to stay in Upland? Upland has limited lower end residential unless you don't mind living in the commercial area south of Foothill. Rancho Cucamonga offers what you need in Terra Vista among other neighborhoods. There are some amazing opportunities in Rancho right now. I've been busy selling condos and townhomes in that area recently and know you could afford it. I just don't know if you can move out of the city of Upland. Let me try to help you. Diane Wheatley (909) 981-5589 or diane@moveupproperties.com - Mon Jul 21 2008, 23:27

You nailed it!! And you will be the prevailing party. Hopefully you can collect your judgement without further hassle. Great job so far! Good luck. - Sun Jul 20 2008, 12:30