Posted by: Paul Herrera 25 Jan 2013 | Permalink

RIVERSIDE, January 24, 2013 The Inland Valleys Association of REALTORS would like to commend San Bernardino County Homeownership Protection Program JPA Chairman Greg Devereaux and the JPA's Board of Directors for determining that eminent domain of mortgages is no solution to the issues of underwater homes and foreclosures. The Board's careful examination and deliberation of the concept - and the decision it yielded - allows the recovering housing market to avoid what may have been a damaging blow that could have put homeownership further out of reach for thousands of San Bernardino Count... Continue Reading

Posted by: Paul Herrera 24 Jan 2013 | Permalink

This morning, the Homeownership Preservation Program Joint Powers Authority in San Bernardino County will consider signing on to an Affirmation of Continuing Cooperation with IVAR and five key national and state organizations whose members put ownership within reach of millions of Americans and hundreds of thousands of Inland Empire residents. The document (click here to view) is a statement of our continuing commitment to finding, supporting and promoting ideas that help preserve homeownership for struggling owners while also helping policy makers make informed decisions that can help st... Continue Reading

Posted by: Paul Herrera 02 Jan 2013 | Permalink

The Fiscal Cliff compromise hammered out by Congress yesterday included a provision to extend the Mortgage Forgiveness Debt Relief Act through the end of 2013. For homeowners who have gone through a short sale or foreclosure - or negotiated principal forgiveness or a similar mortgage workout with their lender - this 2007 law has been crucial to avoiding a financially punishing tax bill based on the unpaid mortgage balance. In short, the tax code treats any debt cancelled by the creditor as normal, taxable income. This includes defaulted home loans (details vary by individual circumstances,... Continue Reading

Posted by: Paul Herrera 17 Sep 2012 | Permalink

From HousingWire.com California lawmaker introduces bill to stop eminent domain nationally September 13th, 2012 Housingwire.com, The Wall Street Journal and others are reporting that a bill introduced by Rep. John Campbell would have the federal government respond to the dangerous and damaging precedent set by MRP's eminent domain plan by essentially ending the housing market in areas that adopt the idea. The bill would prohibit Fannie Mae, Freddie Mac, FHA and the VA from backing mortgages in any jurisdiction that uses eminent domain to acquire underwater mortgages. These institutions n... Continue Reading

Posted by: Paul Herrera 16 Jul 2012 | Permalink

From Fox News Channel July 5th, 2012 In this segment, Fox News raises concerns on moral hazards, constitutionality, government meddling and free markets as related to the San Bernardino County plan to seize mortgages. ... Continue Reading