Wondering if You're Ready to Buy a Home?

Have you thought about buying your first home & wonder if you're ready yet or where to start? 

There's an upcoming Home Buyer Workshop in Ventura that will provide you with the knowledge you need to make an informed decision and demystify the home buying process.

This FREE Home Buying Seminar will cover:

1.) Buying vs. Renting

2.) Advantages of Ownership

3.) Available Loan programs

4.) Down Payment Assistance Programs.

5.) Understanding the Escrow Process

Join us in a non-sales environment. Free credit consutaltion!

Thursday, April 10th at 6:30 PM
At Aliso Escrow
4522 Market St.
Ventura, CA 93003

Call or email me to reserve a spot.

Lynn Kenton

805-901-5444

lynn@lynnkenton.com

CalBRE# 01061434

Home Buyer Workshop Info

Mortgage Debt Relief Act Extended (and other good news)

Congress finally arrived at a settlement in the “fiscal cliff” debacle late last night.  As a result, the Mortgage Forgiveness Debt Relief Act has been extended for another year.  This will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders agree to a short sale, loan modification (including any principal reduction) or foreclosure. 

If you are short saling your home, keep on rolling with it if it makes sense for you and be sure to consult with your own tax adviser about your tax situation.

The settlement additionally allows capital gains rates to increase from 15 percent to 20 percent for high-income earners.  Capital gains rates on the sale of principal residences, however, will remain the same and continue to exclude the first $250,000 for single taxpayers and $500,000 for married couples.

All in all a decent start to the New Year!

Wells Fargo Issues Refund Checks to Borrowers

A whole lot of Wells Fargo FHA borrowers have gotten refund checks in the mail from the mega bank with a letter stating that they’d been overcharged for their loans.

The checks were generally for several thousand dollars (nothing to sneeze at) but the caveat was that if they cashed the checks, they give up the right to sue the bank for damages. Apparently the borrowers were placed in more costly loans when they were qualified for less expensive ones…

The letters and checks were supposedly sent to up to 10,000 customers. Since the government has previously been looking into Wells Fargo’s actions, it seems they’re trying to do damage control and prevent further problems.

The refunds sent out involve FHA mortgages done from 2009 through 2011. The FHA loan is a viable and reasonable product. Borrowers with lower credit scores and down payments needed for conventional loans are able to be a part of the American Dream.

With a minimum down payment of 3.5%, the FHA loans have more costly up front fees and mortgage insurance to offset the risk of default. BUT with the loans in question, the customers actually had enough down payment required to get a conventional loan, bank officials said.

Wells Fargo hasn't admitted to any wrongdoing. However, the letter enclosed with the refunds stated  "You should understand that by cashing the enclosed check, you agree to release Wells Fargo … from any and all claims relating to Wells Fargo's origination of a more expensive mortgage loan than the loan for which you may have qualified”

The refunds only came to light when The Los Angeles Times acquired a copy of one of the letters. Not surprisingly, the bank never announced them publicly.

In spite of positive signs of recovery in the economy and Ventura County Real Estate, our nation’s market remains fragile.  More than 25% of transactions are still distressed properties. You can take action now and tell Congress to extend Mortgage Forgiveness Tax Relief. 

Without this extension, anyone involved in loan modifications, short sales, or foreclosures will face a big tax bill. Consumers and the housing market do not need that financial burden. Doesn't seem right to me that homeowners should be taxed on money they’ve already lost with cash they never received. 

It only takes a minute to click on this link and tell Congress to finish their unfinished housing related business upon returning to Washington, DC after the election. We don't need any new obstacles that could throw the housing recovery off track. Help pass an extension of Mortgage Forgiveness Tax Relief - Click on the link below the picture and take action today. 

https://realtorparty.realtoractioncenter.com/site/Advocacy?pagename=homepage&page=UserAction&id=2309&autologin=true

Whether or not you landed here to check Ventura Real Estate stuff, here's a fun thing you and your family will enjoy over the next week or so...

We're fortunate to have beautiful autumn weekends here in Ventura County and what better way to spend a few hours than visit Faulkner Farms Pumpkin Patch! Located on acres of Brilliant Multicolored Pumpkins, a Hay Maze, a Red Corn Maze, and climb a Towering Haystack Pyramid. Did we mention Hay Rides too?!!!?

Check it out!
http://www.faulknerfarmpumpkinpatch.com/index.html

http://www.boccefestival.com/

Come on out everyone to the Bocce Festival this Sunday!!!              (10/7/12 from noon to 5)

Tickets at the door for General Admission are $20.00 but if you mention NACE you will only pay $10.00

Come on out for a great cause (Ventura County Sheriff's Foundation) and a fun day!!! Weather will be perfect & I'll be pouring something. Of course:)

The Gourmet Food Truck and Bocce Ball Festival

Mark your calendars!!!!!

The Gourmet Food Truck and Bocce Ball Festival 

will be held at beautiful Limoneira Ranch in Santa Paula, October 7, 2012 from  noon to 5 PM. The event will benefit the Ventura County Sheriff's Foundation.  

The Foundation supports the department by helping to fund budget constricted programs such as the K9 unit and Swat Team training.

 In addition to the bocce tournament with cash prizes, there will be gourmet food trucks, beer, wine, live music and a "Kid's Zone" to round it out and make it family friendly event.  It's a beautiful venue for a great cause which will help keep our communities safe.

Click on the link www.boccefestival.com/ for more info and I hope to see you there!