KERN SHORT SALE

| Phone: 661.717.5088 | E-mail: kernshortsale

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Bakersfield MLS Area Map

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Click the corresponding numbers below to see the short sales in that area.

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10

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51

Part 1

61

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21

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51

Part 2

62

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22-23

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51

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62

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31

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51

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62

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32

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52

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63-64

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32

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52

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80-83

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33-34

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52

Part 3

91-94

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41

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52

Part 4

95-96

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42-43

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53

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97-98

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54

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53

Part 2

99

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"STOP" FORECLOSURE!

Facing Foreclosure?
Bonafide Hardship?
Rate Adjusted?
Past Due Mortgage?
Lost an Income?

WE CAN HELP. We are Short Sale Specialists.
Call our office 661-717-5088
or E-mail us at Kern4closures@aol.com for more information.

WHAT IS A SHORT SALE?

Perhaps the most common strategy to avoid foreclosure, the short sale is when a lender agrees to accept less than the seller owes on the mortgage and the seller doesn't have to bring money to closing to cover the difference.

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®

TAX BREAK FOR MORTGAGE DEBT FORGIVENESS
President Bush signed into law today a new measure giving tax breaks to homeowners who have mortgage debt forgiven. Under preexisting law, the debt forgiven by a lender, such as for short sales and refinances, was generally taxable to the borrower as debt discharge income. With the passage of the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence.

This tax break applies to debts discharged from January 1, 2007 to December 31, 2009. Qualified principal residence indebtedness is debt incurred in acquiring, constructing, or substantially improving the residence (up to $2 million for refinances).

For purposes of calculating capital gains, any debts discharged excluded from income under the new law must be subtracted from the basis of the taxpayer's principal residence (but not below zero). However, taxpayers may generally exclude from capital gains income up to $250,000 (or $500,000 for married couples filing jointly) for properties owned and used as their principal residence for at least two of the last five years.

For a copy of the Mortgage Forgiveness Debt Relief Act of 2007, go to http://www.govtrack.us/congress/bill.xpd?bill=h110-3648.

C.A.R.'s Legal Department provides REALTORS® with many legal articles covering a wide range of topics of interest. Some of new or newly revised legal articles available through C.A.R. Online are as follows:

- Statute of Limitations: Deadline on Time to Sue
- Errors and Omissions (E&O) Insurance for REALTORS®
- Residential Listing Agreements Between Seller and Real Estate Broker

More info

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