Palm Springs California Area Real Estate
Friday, August 3, 2012
V4 House by Marcio Kogan – Studio MK27
Amazing Style not surprising it has been nominated for an architectural award.
1268 E Ramon Rd #50
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Thursday, August 2, 2012
Under Contract
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Identity Theft
Another Reason for Title Insurance... 
Identity Fraud
We read all about it. It's in the newspapers, on the news, and on the internet. High profile people becoming victims of identity fraud. You think it could never happen to you. Right?
Think again. Identity fraud can happen to anyone."Identity fraud" is one of the fastest growing types of financial crimes in America with almost a 1,000,000 victims each year! These crimes are mostly against average working people. I even know a lawyer who it happened to and even he struggled to clear it all up. Experts estimate the cost of this type of crime is over $100 billion annually.
PROTECT YOURSELF FROM IDENTITY THEFT! Identity Theft occurs when someone wrongfully uses your personal identification to obtain credit,loans, services, even rentals and mortgages in your name. They may even commit crimes while impersonating you!
TIPS FOR BEATING IDENTITY THEFT:
Be careful of "Dumpster Diving" Make sure that you do not throw anything away that someone could use to become you. Anything with your identifiers must be shredded before throwing away..
Be careful at ATM's and debit card machines. Onlookers can get your "Pin Number" and get access to your accounts.
If you are still using paper checks get new orders of them delivered to your bank not to your home address.
Do not put checks in the mail from your home mailbox.Drop them off at a U.S. Mailbox or the U.S.Post Office. Mail theft is more and more common. With color printers and laser printers it is easy for people to forge new checks or even change existing ones.
Cancel all credit cards that you do not use or have not used in 6 months. Personally I ask my bank for a new debit card with a new number each year. You'd be surprised at the things you set up on auto pay and forgot about. Plus, who knows who else might have the number.
Put passwords on all your accounts and do not use your mother's maiden name. Make up a fictitious word.
To avoid problems with mail theft get a post office box or a locked mailbox,if you possible.
Do not carry any identifiers you do not need. Don't carry your birth certificate,social security card,or passport,unless necessary. If you have cards credit/membership/ID cards you won't be needing for a period of time leave them in a safe place at home.
Memorize social security numbers and passwords. Decline to give your
social security number for routine office visits to doctors, dentist vets - they always seem to ask but they do not really need it.
Do not put your credit card account number on the Internet unless it is encrypted on a secured site. Just because a company has an internet site does not mean you can trust them with your credit card information. Use trusted providers.
Monitor all your bank and credit card statements from every source every month. Check to see if there is anything that you do not recognize and call about it right away. Don't put it off. Often times there are time limits on reporting suspected fraud.
Try to review your credit report at least twice a year. If you see anything that appears fraudulent, immediately put a fraud alert on your reports.
REAL ESTATE: Your title insurance policy will protect you against hidden risks that may not be discovered prior to the issuance of your title insurance policy. Probably the best feature of title insurance is that it pays any covered loss sustained from such a defect in your title. The one time premium you pay covers you and your heirs for as long as you or your heirs own the property.
Identity Fraud
We read all about it. It's in the newspapers, on the news, and on the internet. High profile people becoming victims of identity fraud. You think it could never happen to you. Right?
Think again. Identity fraud can happen to anyone."Identity fraud" is one of the fastest growing types of financial crimes in America with almost a 1,000,000 victims each year! These crimes are mostly against average working people. I even know a lawyer who it happened to and even he struggled to clear it all up. Experts estimate the cost of this type of crime is over $100 billion annually.
PROTECT YOURSELF FROM IDENTITY THEFT! Identity Theft occurs when someone wrongfully uses your personal identification to obtain credit,loans, services, even rentals and mortgages in your name. They may even commit crimes while impersonating you!
TIPS FOR BEATING IDENTITY THEFT:
Be careful of "Dumpster Diving" Make sure that you do not throw anything away that someone could use to become you. Anything with your identifiers must be shredded before throwing away..
Be careful at ATM's and debit card machines. Onlookers can get your "Pin Number" and get access to your accounts.
If you are still using paper checks get new orders of them delivered to your bank not to your home address.
Do not put checks in the mail from your home mailbox.Drop them off at a U.S. Mailbox or the U.S.Post Office. Mail theft is more and more common. With color printers and laser printers it is easy for people to forge new checks or even change existing ones.
Cancel all credit cards that you do not use or have not used in 6 months. Personally I ask my bank for a new debit card with a new number each year. You'd be surprised at the things you set up on auto pay and forgot about. Plus, who knows who else might have the number.
Put passwords on all your accounts and do not use your mother's maiden name. Make up a fictitious word.
To avoid problems with mail theft get a post office box or a locked mailbox,if you possible.
Do not carry any identifiers you do not need. Don't carry your birth certificate,social security card,or passport,unless necessary. If you have cards credit/membership/ID cards you won't be needing for a period of time leave them in a safe place at home.
Memorize social security numbers and passwords. Decline to give your
social security number for routine office visits to doctors, dentist vets - they always seem to ask but they do not really need it.
Do not put your credit card account number on the Internet unless it is encrypted on a secured site. Just because a company has an internet site does not mean you can trust them with your credit card information. Use trusted providers.
Monitor all your bank and credit card statements from every source every month. Check to see if there is anything that you do not recognize and call about it right away. Don't put it off. Often times there are time limits on reporting suspected fraud.
Try to review your credit report at least twice a year. If you see anything that appears fraudulent, immediately put a fraud alert on your reports.
REAL ESTATE: Your title insurance policy will protect you against hidden risks that may not be discovered prior to the issuance of your title insurance policy. Probably the best feature of title insurance is that it pays any covered loss sustained from such a defect in your title. The one time premium you pay covers you and your heirs for as long as you or your heirs own the property.
Friday, July 27, 2012
Is There Really A New Tax On Real Estate Sales?
Well in a word - YES. But wait don't panic it may not even apply to you. The Medicare tax, which goes into effect on January 1, 2013, will impose a 3.8% tax on the net investment income of joint filers with adjusted gross income over $250,000, and single filers with adjusted gross income over $200,000.So you can stop reading right here if you are not grossing over that $200/250K mark. However, if you are going to be selling Real Estate and are going to make a profit over the exclusion, currently $250k if single or $250K married on your primary residence it will add to your gross income, see below. Remember there is no exclusion for second homes or investment properties. Thinking of selling an investment property soon you may want to close before 2013.
If you do fall into the above $200/250K gross income the new Medicare tax will apply. You figure it on the adjusted gross income (this is the figure on the bottom of the front page of IRS Form 1040), which includes interest, dividends, capital gains, wages, retirement income and income from partnerships and small businesses. According to the IRS site it appears the tax will also apply to dividends, rents, royalties, interest (except municipal bond interest), short and long-term capital gains, the taxable portion of annuity payments, income from the sale of a principal residence above the $250,000/$500,000 exclusion, gain from the sale of an investment property or a second home, and passive income from real estate and investments in which the taxpayer does not materially participate.
Each tax situation can be a little different and it is always advisable to seek professional help. We Recommend Greg Barton CPA use the link to their site or call them at 760-969-6499.
Friday, July 20, 2012
Non Judicial Foreclosure What Is It?
In California the main way that homes are foreclosed is called A Non-judicial Foreclosure.
This is the technical process that enables the bank to use the foreclosure process. The way to understand this process is to understand the basic framework used by lenders to secure loans to borrowers.
Two Kinds:
There are two (2) basic types of foreclosure in California. In a judicial foreclosure, a court action is commenced to foreclose the mortgage or deed of trust that secures the loan. This mode of foreclosure is really a lawsuit, and because of that is governed by the Rules of Civil Procedure and Rules of Evidence applicable to legal actions. The other type of foreclosure is the non-judicial foreclosure, sometimes called a trustee's sale under the procedures set forth in Civil Code. This mode of foreclosure is only available, however, if the deed of trust (or mortgage) contains what is called a power-of-sale clause.
You May Be Able To Sell Your Home as A Short Sale More Information.
HowThis Gets Set Up:
In a typical loan transaction, a promissory note, which spells out the dollar amount loaned, along with the interest rate and payment terms, is signed by the borrower to show the debt. The borrower then also executes a deed of trust in favor of the lender, this makes the property the security for the loan. It also spells out the specific duties of the borrower, and the lender's rights if the duties are not met. In addition to the borrower and the lender, the deed of trust will also name someone to act as trustee.
What Is A Trustee?:
This can get a little confusing for people not involved in real estate everyday because a trustee under a deed of trust is not a
true trustee. At least not in the sense most people think of. The Job of a trustee under a deed of trust is either to do the foreclosure under the lender's direction, or to reconvey the trust deed once the obligation has been satisfied in full. So when you sell the house or finally pay off the mortgage the deed is "reconveyed" The beneficiary is allowed to substitute in another trustee should it want to do so.
What Triggers Foreclosure:
In most cases there are just two of things that will entitle a beneficiary or as most people say the bank to start foreclosure: Nonpayment of the principal, interest and impounds (if any), or non payment of a Balloon Payment. Much less well known and seldom used is the Nonmonetary Default: Failure to preserve the property physically and/or financially, by maintaining insurance, taxes and the non voluntary lien-free status established at the time of the loan. Note: The lender must advance funds to cure a non-monetary default and/or may demand proof of cure as a condition of reinstatement. When a default occurs and an institutional lender is involved, the lender will ordinarily complete any preforeclosure servicing prescribed by various loan guidelines in order to attempt a resolution of the default. Should the borrower either fail to respond, however, or fail to perform under an agreement to resolve the default, the lender may refer the loan to the trustee for foreclosure.
Documents Required to Foreclose:
The lender will provide the trustee with the Note, Deed of Trust, Assignments, Modification Agreements, Subordinations, etc., plus a Declaration of Default and Demand for Sale detailing the breach information. The lender would also execute a Substitution of Trustee, naming the new trustee, at this time if they choose to do so. The trustee is who will formally institute the foreclosure process by preparing, executing and recording the Notice of Default. A Trustee's Sale Guaranty (TSG) will be ordered to assure that the lender and trustee are made aware of necessary information regarding the present condition of title and proper addresses for notices to all parties of interest.
Once the Notice of Default is recorded, the title company will confirm the recording, in writing, to the trustee. Receipt of confirmation will signal the trustee to mail the Notice to all parties entitled to a ten (10) day notice under C.C. Sec. 2924b. Depending on specifics of the loan or local rules the trustee may also be required to post or publish the notice.
How Much Time Do I Have:
The Notice of Default is for three (3) calendar months. This time is often referred to as the redemption period, during which the borrower or junior lienholder and beneficiary may explore ways to cure the default. If the default has not been resolved during this period, however, the trustee will continue the process by requesting a title update in order to secure information which may affect the ability to grant clear title after the sale. A Notice of Sale or Notice of Trustees Sale will be drawn, posted and published, mailings prepared and the Notice sent for recordation. Each of these activities must be performed as prescribed under Sec. 2924 et. seq. to assure validity of the Trustee's Deed upon sale, the insurability of the property upon conclusion of the foreclosure process, and subsequent liquidation by either the beneficiary or a third party.
Can I Pay Off The Debt And Keep My Property?:
The right of the borrower or junior lienholder (except in cases where the balloon payment is due) to reinstate the loan is good up to five (5) business days prior to the sale. The beneficiary must accept reinstatement until this period has expired. Within 5 days of the sale the beneficiary may use its discretion as to whether or not to accept reinstatement.
The Auction Process:
Approximately twenty-four (24) hours prior to sale, the trustee will request an additional title update, to be delivered prior to sale time on the day of sale. If the status of title is shows that there is no impediment to the sale (such as a bankruptcy, city or county notice indicating an environmental or safety hazard, or DEH ATF/IRS seizure), the sale may be held as scheduled. The beneficiary will provide the trustee with their instructions regarding the bid price for sale. The trustee will review the bid, audit the foreclosure file, and provide the auctioneer with instructions for the sale. The auctioneer then conducts the sale as instructed, and reports back to the trustee.
After The Property Sells At Auction:
The trustee will notify the beneficiary and prepare the Trustee's Deed, which will vest title into the name of the successful bidder. If a third party is the successful bidder, the trustee will also be responsible to distribute the proceeds of the sale.
If the auctioneer receives no bids for the property which exceed the opening bid, the property will revert to the beneficiary (the bank), who will take title under the Trustee's Deed. These are typically
the homes that wind up on the market as "Foreclosed homes" or "Bank Owned" homes.
Finally:
Unlike a judicial foreclosure, there is no statutory right of redemption following a non-judicial private sale.
While this blog outlines the basics of the timeline there is no substitute for qualified help. Feel free to call us or give your attorney a call if you have further questions about your particular situation.
Learn More About Foreclosure.
This is the technical process that enables the bank to use the foreclosure process. The way to understand this process is to understand the basic framework used by lenders to secure loans to borrowers.
Two Kinds: There are two (2) basic types of foreclosure in California. In a judicial foreclosure, a court action is commenced to foreclose the mortgage or deed of trust that secures the loan. This mode of foreclosure is really a lawsuit, and because of that is governed by the Rules of Civil Procedure and Rules of Evidence applicable to legal actions. The other type of foreclosure is the non-judicial foreclosure, sometimes called a trustee's sale under the procedures set forth in Civil Code. This mode of foreclosure is only available, however, if the deed of trust (or mortgage) contains what is called a power-of-sale clause.
You May Be Able To Sell Your Home as A Short Sale More Information.
HowThis Gets Set Up:
In a typical loan transaction, a promissory note, which spells out the dollar amount loaned, along with the interest rate and payment terms, is signed by the borrower to show the debt. The borrower then also executes a deed of trust in favor of the lender, this makes the property the security for the loan. It also spells out the specific duties of the borrower, and the lender's rights if the duties are not met. In addition to the borrower and the lender, the deed of trust will also name someone to act as trustee.
What Is A Trustee?:
This can get a little confusing for people not involved in real estate everyday because a trustee under a deed of trust is not a
true trustee. At least not in the sense most people think of. The Job of a trustee under a deed of trust is either to do the foreclosure under the lender's direction, or to reconvey the trust deed once the obligation has been satisfied in full. So when you sell the house or finally pay off the mortgage the deed is "reconveyed" The beneficiary is allowed to substitute in another trustee should it want to do so. What Triggers Foreclosure:
In most cases there are just two of things that will entitle a beneficiary or as most people say the bank to start foreclosure: Nonpayment of the principal, interest and impounds (if any), or non payment of a Balloon Payment. Much less well known and seldom used is the Nonmonetary Default: Failure to preserve the property physically and/or financially, by maintaining insurance, taxes and the non voluntary lien-free status established at the time of the loan. Note: The lender must advance funds to cure a non-monetary default and/or may demand proof of cure as a condition of reinstatement. When a default occurs and an institutional lender is involved, the lender will ordinarily complete any preforeclosure servicing prescribed by various loan guidelines in order to attempt a resolution of the default. Should the borrower either fail to respond, however, or fail to perform under an agreement to resolve the default, the lender may refer the loan to the trustee for foreclosure.
Documents Required to Foreclose:
The lender will provide the trustee with the Note, Deed of Trust, Assignments, Modification Agreements, Subordinations, etc., plus a Declaration of Default and Demand for Sale detailing the breach information. The lender would also execute a Substitution of Trustee, naming the new trustee, at this time if they choose to do so. The trustee is who will formally institute the foreclosure process by preparing, executing and recording the Notice of Default. A Trustee's Sale Guaranty (TSG) will be ordered to assure that the lender and trustee are made aware of necessary information regarding the present condition of title and proper addresses for notices to all parties of interest.
Once the Notice of Default is recorded, the title company will confirm the recording, in writing, to the trustee. Receipt of confirmation will signal the trustee to mail the Notice to all parties entitled to a ten (10) day notice under C.C. Sec. 2924b. Depending on specifics of the loan or local rules the trustee may also be required to post or publish the notice.
How Much Time Do I Have:
The Notice of Default is for three (3) calendar months. This time is often referred to as the redemption period, during which the borrower or junior lienholder and beneficiary may explore ways to cure the default. If the default has not been resolved during this period, however, the trustee will continue the process by requesting a title update in order to secure information which may affect the ability to grant clear title after the sale. A Notice of Sale or Notice of Trustees Sale will be drawn, posted and published, mailings prepared and the Notice sent for recordation. Each of these activities must be performed as prescribed under Sec. 2924 et. seq. to assure validity of the Trustee's Deed upon sale, the insurability of the property upon conclusion of the foreclosure process, and subsequent liquidation by either the beneficiary or a third party.
Can I Pay Off The Debt And Keep My Property?:
The right of the borrower or junior lienholder (except in cases where the balloon payment is due) to reinstate the loan is good up to five (5) business days prior to the sale. The beneficiary must accept reinstatement until this period has expired. Within 5 days of the sale the beneficiary may use its discretion as to whether or not to accept reinstatement.
The Auction Process:
Approximately twenty-four (24) hours prior to sale, the trustee will request an additional title update, to be delivered prior to sale time on the day of sale. If the status of title is shows that there is no impediment to the sale (such as a bankruptcy, city or county notice indicating an environmental or safety hazard, or DEH ATF/IRS seizure), the sale may be held as scheduled. The beneficiary will provide the trustee with their instructions regarding the bid price for sale. The trustee will review the bid, audit the foreclosure file, and provide the auctioneer with instructions for the sale. The auctioneer then conducts the sale as instructed, and reports back to the trustee.
After The Property Sells At Auction:
The trustee will notify the beneficiary and prepare the Trustee's Deed, which will vest title into the name of the successful bidder. If a third party is the successful bidder, the trustee will also be responsible to distribute the proceeds of the sale.
If the auctioneer receives no bids for the property which exceed the opening bid, the property will revert to the beneficiary (the bank), who will take title under the Trustee's Deed. These are typically
the homes that wind up on the market as "Foreclosed homes" or "Bank Owned" homes.Finally:
Unlike a judicial foreclosure, there is no statutory right of redemption following a non-judicial private sale.
While this blog outlines the basics of the timeline there is no substitute for qualified help. Feel free to call us or give your attorney a call if you have further questions about your particular situation.
Learn More About Foreclosure.
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