Posts - page 17

Gov. Jerry Brown signed AB 1393 providing much-needed state-level tax relief to homeowners by extending tax relief on forgiveness of mortgage debt by conforming California law to federal law for the 2013 tax year.

San Francisco's Board of Supervisors will be voting on entry into a Joint Powers Authority agreement with Richmond (CA) for the purpose of using the City's power of eminent domain to seize underwater mortgages. State and National Mortgage Bankers Associations sent letters in opposition. SAMCAR continues to monitor the matter.

Despite all of the trouble local governments have experienced with affordable housing over the last several years in California the recent passage of the state budget presents a few bright spots...

Two Mortgagee Letters on Home Equity Conversion from the FHA address (1) the prohibition of misleading or deceptive advertising and (2) insurance on fixed interest rate reverse mortgages.

Under a split roll system of taxation, different types of properties could be assessed at a higher property tax rate than others, which can pit homeowners against business property owners.

The Town of Hillsborough is encouraging and incentivizing the voluntary repair or replacement of faulty sewer laterals by private property owners.

Think your clients may have overpaid on flood insurance? FEMA has released information on how refunds for over payments will be determined and issued.

Disclosures provide liability protection for REALTORS®. The CFPB recently announced a $500,000 fine to a real estate firm for inadequate disclosure language in an affiliated business disclosure.

SB 1439 (Ellis Act Reform) must pass out of two Assembly committees prior to the end of June or the bill will die.

In a recent proposal from San Francisco, if you buy a distressed property, fix it up and sell it (not all that uncommon), you could get slapped with a tax for making a profit.

You may have noticed that over the course of 2014 SAMCAR's branded look has undergone a bit of an update. And, in June 2014, we officially launched a brand new website. We're proud of the process we used to execute a complete visual re-branding while simultaneously re-designing the Association Website, so we wanted to take a chance to explain how we got to where we are at today and where we'll continue to go.

Learn about the new features on samcar.org, where to find information and how to use your new responsive Association website.

In a sweeping move to improve the professionalism of associations of REALTORS® across the country and the level of service they provide to members, the NAR Board of Directors last week passed a set of mandatory standards that touch on every aspect of association operations.

A forthcoming FHA rule has the very real possibility of making mortgage financing more expensive (maybe even impossible) for large numbers of buyers and sellers around San Mateo County and the whole country.

Foster City has approved a smoking ordinance applying to rental properties, learn more about the details and the effects on REALTORS® and property managers.

It's a start! FHFA Director Mel Watt announced that FHFA would step back from a proposed reduction in conforming loan limits which are currently set at $417,000 (though are authorized for up to $625,500 in high-cost areas of the country such as San Mateo County.)

The REALTOR® Voice is heard at the state legislature, preventing a possible statewide tax of $75 on the recording of all non-sale documents.

Senate Bill 1439 -- Ellis Act Reform -- passed the state senate, with potentially significant impact to property owners and landlords in San Francisco.

SUPRA wants to make you aware of an issue that may affect some eKEY users.

In revamping the tax code, Congress is eyeing three basic approaches to the home mortgage interest deduction (MID): eliminate it completely; limit the deductions for higher incomes; or, have it changed to a tax credit.

Meet Julie S., an art teacher in San Mateo who was able to buy her first home with the help of HEART (Housing Endowment and Regional Trust) and Meriwest Mortgage's first time homebuyer program.

It's a start. Last week, FHFA Director Mel Watt made his first public speech addressing FHFA's strategic plan for Fannie Mae and Freddie Mac, including stepping back from a proposed reduction in conforming loan limits.

Some Peninsula cities continue to aggressively removing Open House signs, placed in the public right of way and give fines for improper placement. Please be aware of city sign ordinances.

Insurance companies have been directed to stop charging full-risk premium rates for flood insurance on older properties sold after May 1, the Federal Emergency Management Agency (FEMA) mandated in a recent bulletin. The bulletin is FEMA's first directive at implementing the Homeowner Flood Insurance Affordability Act, enacted last month to curb escalating flood insurance premiums. The bulletin directs insurers to allow home buyers to assume the seller's premium rate until FEMA issues new rate tables and refunds excessive premiums as directed under the law.