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SHORT SALE SPECIALIST SINCE 1991

CERTIFIED SFR & HAFA SHORT SALE SPECIALIST


"You are what you love, and you love whatever you give your attention too"
                                                        - Emmanuel Swendenborg


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23 YEARS IN REAL ESTATE

Congratulations to our agents, Daryl, Amilia, Erick, and Jani for getting their HAFA certification!

 

"MR. BIAFORA'S 90TH BIRTHDAY, COMING UP ON SEPTEMBER 8TH, COUNT DOWN BEGINS!!"

 

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FOR IMMEDIATE RELEASE:

 
Ruth Biafora of Biafora Realty Earns NAR Short Sales and Foreclosure Certification
Buyers and Sellers Benefit from REALTOR^®Expertise in Distressed Sales
 
Ruth Biafora of Biafora Realty (www.biaforarealty.com) has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS^®offers the SFR certification to REALTORS^®who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
 
According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures.  For many real estate professionals, short sales and foreclosures are the new “traditional” transaction.  REALTORS^®who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
 
“As leading advocates for homeownership, REALTORS^®believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,”said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR^®who has earned the SFR certification for these kinds of purchases.”
 
The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS^®stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORS^Òare required to take one core course and three Webinars.  For more information about the SFR certification, visit www.REALTORSFR.org or call 1-877-510-7855.


   
 California State Assembly passes SB 1178 protecting homeowners     

Measure protecting consumers from overreaching lenders now goes to governor’s desk for signature

LOS ANGELES (Aug. 19) – The California State Assembly today approved SB 1178 (D-Corbett) by a 49 to 14 vote, extending anti-deficiency protection for consumers who have refinanced their original mortgage loans and now are facing foreclosure. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is the sponsor of the consumer-protection legislation.

Under existing law, if a homeowner defaults on a mortgage used to purchase a home—commonly referred to as a “purchase money mortgage”—the homeowner's liability on the mortgage is limited to the property itself.  However, homeowners who refinanced the original purchase debt, even if only to obtain a lower interest rate, were not extended the same protections.  SB 1178 corrects this unfairness and extends the same protections to consumers who refinance their home loans. 

“Cash-out” debt for home improvement or consumer expenses is not protected by SB 1178.  Similarly, additional new debt secured by the home, such as a home improvement loan, is not protected—only original acquisition debt.

“Today’s vote was a victory for homeowners in California, but the fight is not yet finished,” said C.A.R. President Steve Goddard.  “We are urging Gov. Schwarzenegger to swiftly sign into law this crucial piece of legislation.  Passage of SB 1178 will ensure lenders underwrite refinance loans at least as carefully as purchase money mortgages and will provide much-needed consumer protection.”

SB 1178 now moves to Gov. Schwarzenegger for his signature.  If signed, SB 1178 will become effective June 2011.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.


Councilmember Smith Moves to Change Lawn Watering Restrictions from Two to Three Days a Week to Help Homeowners Save Their Lawns and Save More Water

 

House OKs extension of tax credit closing deadline

In a 409-5 vote, House lawmakers have passed a standalone bill that would extend for three months Wednesday's deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.

The Senate could vote on the bill, HR 5623, as soon as tomorrow, although the death of Sen. Robert Byrd, D-W.Va., has slowed the pace of work in that chamber. Read full story here.


 

Five Tax Scams to Avoid this Summer

The Internal Revenue Service issues a list of the top 12 tax scams each year – known as the Dirty Dozen. The scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. These scams don’t just happen during the tax filing season, they can happen anytime during the year. Here are five scams from the 2010 Dirty Dozen list every taxpayer should be aware of this summer.
 

1. Phishing Phishing is a tactic used by scam artists to trick unsuspecting victims into revealing personal or financial information in an electronic communication. Scams can take the form of e-mails, tweets or phony websites and they try to mislead consumers by telling them they are entitled to a tax refund from the IRS and they must reveal personal information to claim it. Regardless of how official this e-mail may look and sound, the IRS never initiates unsolicited e-mail contact with taxpayers about their tax issues. Phishers use the personal information obtained to steal the victim’s identity, access bank accounts, run up credit card charges or apply for loans in the victim’s name. If you receive an e-mail that you suspect is a phishing attempt or directs you to an imitation IRS website, please forward it to the IRS at phishing@irs.gov. You can also visit IRS.govand enter the keyword phishing for additional information.
2. Return Preparer Fraud Dishonest tax return preparers can cause trouble for taxpayers who fall victim to their ploys. Such preparers are skimming a portion of their clients’ refunds, charging inflated fees for tax preparation or are attracting new clients by promising refunds that are too good to be true. To increase confidence in the tax system, the IRS is requiring all paid return preparers to register with the IRS, pass competency tests and attend continuing education.
3. Hiding Income Offshore Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks and brokerage accounts. IRS agents continue to develop their investigations of these offshore tax avoidance transactions using information gained from more than 14,700 voluntary disclosures received last year. Taxpayers also evade taxes by using offshore debit cards, credit cards, wire transfers, foreign trusts, employee-leasing schemes, private annuities or life insurance plans.
4. Abuse of Charitable Organizations and Deductions The IRS continues to observe the misuse of tax-exempt organizations. This includes arrangements to improperly shield income or assets from taxation and attempts by donors to maintain control over donated assets. The IRS also continues to investigate various schemes where donations are highly overvalued or the organization receiving the donation promises that the donor can purchase the items back at a later date at a price the donor sets.
5. Frivolous Arguments Promoters of frivolous schemes encourage people to make unreasonable and outlandish claims to avoid paying the taxes they owe. If a scheme seems too good to be true, it probably is. The IRS has a list of frivolous legal positions that taxpayers should avoid on IRS.gov. These arguments are false and have been thrown out of court.

For the full list of 2010 Dirty Dozen tax scams or to find out how to report suspected tax fraud, visit IRS.gov.



NEW CITY OF LOS ANGELES ORDINANCE EFFECTIVE 7/8/2010    

On May 24, 2010 the City of Los Angeles enacted Ordinance 181185 commonly known as the City of Los Angeles Foreclosure Registry Program. The Ordinance takes effect 7/8/2010. The Ordinance is more than a "Vacant Property Registration Act" rather it requires registration of all properties that have a Notice of Default recorded against it. Within 30 days of July 8, 2010 ("effective date"), all properties that have a Notice of Default recorded against it must register with the City. This requires registration of properties that currently have a Notice of Default registered against it and all properties where a Notice of Default is recorded after the effective date.    

The Ordinance requires the lenders and foreclosing beneficiaries to inspect and maintain properties in foreclosure to ensure that they are free from debris, rubbish, trash, and overgrown vegetation, amongst other things. If the property is found to be vacant, or if the property becomes vacant after the Trustee’s Sale, the beneficiary must inspect the property weekly and continue to maintain the property in good condition according to the terms of the ordinance. If the Property is found to be occupied at any point of the foreclosure process, the beneficiary must inspect the property on a monthly basis. Non-compliance will result in a fine of $1,000.00 per day of non-compliance, not to exceed $100,000.00. 

Registration of the property costs $155 per year. A fine of $250.00 per day will be imposed on properties which are not timely registered; the lender or beneficiary is responsible for paying these fines, even if the foreclosed borrower is in possession of the property.


****OFFICE LISTINGS****

Biafora Realty presents:
10965 Gazette Avenue, Chatsworth
offered for $539,000
3 Bedrooms, 1.75 Baths, 1686 square feet
11,600 sqft lotarea, built in 1972

 MAMMMA




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 Latest Short Sale Success!!!
       19350 Sherman Way #131
            Reseda, CA 91335
     Closed on June 23, 2010

I met Ruth a few years back when I was looking for someone to assist me in the re-financing of my house. I had spoken with several people previously before Ruth and everyone I spoke with told me the same thing. I was not going to be able to keep my house. I was not in a position to where anyone wanted to take the time and fight for me. I did not have a job or enough assets to get an loan I could afford. A friend of mine actually my Regional Center case worker referred me to Ruth. I called Ruth and told her the mess I felt I was in and was determined to keep my house. She was so wonderful because all she said to me was " well of course you are." I met with her at her office and she was very patient with me. Ruth went over the whole process step by step. I believe it was pretty much everyday she would call to check on me and tell me how well it was going. She found me an affordable payment and helped me to believe that there are still people out there that care. I have found Ruth is not about making money but making friendship. About three years has passed and Ruth and I have always kept in touch. I just a year ago got back together with a man whom I am now married to (thanks again to Ruth) who's parents found themselves in a much worse circumstance. My husbands parents were going into foreclosure and were 3 months behind on their mortgage. I of course called Ruth right away. Ruth met with my in laws and reassured them everything would be fine. Once again she was right. Ruth convinced my mother in law to get renters and get control of her bad habits. She made several suggestions which have all been a blessing. Working with Ruth my in laws pulled their house out of foreclosure, got a mortgage they could afford and brought in renters to make their life more comfortable. I adore Ruth not only because she is a very smart business woman but because she truly wants what is best for her clients. Ruth is willing to do everything she is able to do even if she does not make money. I recommend Ruth Biafora Realty not just for you business needs but personal as well.