Eva Bradley's Blog » law

Are You Having Difficulty Paying Your Mortgage? You Are Not Alone…

Eva Bradley — Wed, 27 Jan 2010 01:24:49 +0000

According to a recent survey one in every seven homeowners is currently not making their mortgage payments for one reason or another. In case you are one of the troubled homeowners I want you to know that you have options, and Realty World Corral Hollow agents like me are here to help you find solutions that are available to you.

Realty World Corral Hollow agents have always been actively involved in helping the community throughout the years and I am proud to be one of them. We care about our clients and we care about the community.

In these troubling times, Corral Hollow agents are available for you to educate you and to give you directions as to what would be the best option for your individual situation. A confidential, personal consultation does not cost any money and if you get nothing else out of it, just knowing that there is someone you can trust and talk to, will make you feel better and it will be well worth it.

Being agents at Realty World Corral Hollow, our ongoing education allows us to stay informed of the newest laws, rules and regulations that would affect your situation as a homeowner.

For most of us, our biggest investment in our lives is our home. And it is worth every effort to fight for it. As your realtor, I would stand and fight with you, until we can reach a reasonable solution. Even if you are one day away from foreclosure, there is still time to act.

I urge you to pick up the phone and call me or any Corral Hollow agent to find out about your options.

What is Mello Ross?

Eva Bradley — Sat, 21 Nov 2009 03:00:59 +0000

Mello-Roos Taxes

Mello-Roos taxes are assessed to special tax districts, known as Mello-Roos Districts or Community Facilities Districts, for the purpose of financing public services and/or facilities including streets, police protection, fire protection, elementary schools, parks, libraries, museums, and cultural facilities.

California State Senator Henry Mello and Assemblyman Mike Roos spearheaded the successful passage of the Mello-Roos Community Facilities District Act in 1982. The Act passed in response to Proposition 13 (enacted in 1978), which limited the ability of local governments and developers to finance new projects.

Did You Know?
Proposition 13 does not restrict Mello-Roos taxes.

Mello Roos District
The Mello-Roos act authorized any county, city, special district, school district or joint powers of authority to create a Mello Roos District with approval of a two-thirds margin of qualified voters in the district.

Property Owners
The Mello Roos District can issue bonds to pay for public improvements. The district’s property owners are responsible for payment of a “special tax” to repay these bonds. The act allows for considerable flexibility on how the special tax is calculated. The calculation often takes into account property characteristics such as square footage of the home and parcel size. Typically, the tax is included with your general property tax bill.

Time Limit
The special Mello-Roos tax stays in effect as long as needed to repay the principal and interest on the special bond along with any reasonable administrative costs. The Mello Roos tax may not stay in effect for a period longer than 40 years.

Property Sale
An increased value of the property does not affect the amount of the tax when property is sold.

Where in Tracy? Homes built before 1982 are free of Mello Ross Taxes. In newer areas of Tracy a couple of home builders paid all Mello Ross taxes in advance, so homeowners don’t have to worry about it. Please feel free to contact me if you would like to know which areas in Tracy are without Mello Ross taxes.

Real vs. Personal Property

Eva Bradley — Wed, 28 Oct 2009 03:46:39 +0000

At closing time, the last thing you want is a dispute over what goes with the house and what doesn’t. But it isn’t all that unusual for a buyer to think a particular item is included in the sales price, while the seller never had any intention of including the same item! Classic examples include window coverings, lighting fixtures and chandeliers. But just about anything which might be construed by a buyer as being “part of the house” has the potential for misunderstanding and disagreement.

Generally, the law says that anything which is part of the land or attached to the house and is immovable, or can’t be removed without damage, or anything which is incidental or appurtenant to the land is real property. Personal property is basically everything else – the possessions you take with you when you move.

The law recognizes the intent and manner with which an item is attached in determining whether an article or fixture is real or personal property. Built-in appliances are usually considered real property, while free standing ones are usually personal property. If removing the item requires pulling nails, it’s probably real property. If it can be unscrewed and removed without leaving any damage, it might be an item ready to cause some disagreement!

To avoid problems, both buyers and sellers should make detailed lists of any items to be included in the sale before closing. As a seller, give your list of items to be included to the closing agent. If there is something you want to take with you, and it requires removing a screw or nail, put it in the contract.

Remember, as with everything else in real estate, it’s all negotiable. If there is a unique item you want included in your purchase, you may be able to get it included at a reasonable price. Especially if the item won’t fit in with the new home the seller is moving to.

Attention Homeowners!

Eva Bradley — Wed, 14 Oct 2009 21:57:51 +0000

: Image via Wikipedia

This came just a minute ago from Cliff Cooler, the CEO of Central Valley Association of Realtors:

ADVANCE FEES FOR LOAN MODIFICATIONS NOW PROHIBITTED

“On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature. Thus, California law now prohibits any person, including real estate licenses and attorneys, from demanding or collecting an advance fee from a consumer for loan modification or mortgage loan forbearance services affecting 1 – 4 unit residential dwellings.”

Unfortunately, this came just a little too late for some homeowners, who already paid thousands of dollars modifying their loan, but it never got done…