Chris Gosselin’s Brief Update from DC to State and Local GAD’s
Hello from Washington. While Congress has been notably quiet about big picture items that we are continuing to monitor such as tax policy and the future of the secondary mortgage market, there are some things moving here in DC that I wanted to update you about.
First is the taxation of forgiven debt – there is now legislation in the House that would extend the provision for two years and another provision that would extend it for one year. Obviously two years is better than one, but we are not taking a position on which one goes forward. More information about the issue can be found on our website: Will I Pay Tax on Short Sales, Foreclosures, or Loan Modifications?
There have been several questions about the Bank of America announcement about their deed-for-lease pilot program and our position. I’ve attached a summary from B of A that outlines their proposal.
You may have gotten questions about the AG Mortgage Settlement and its impact on the real estate market. We are still going through the full settlement but we have put together a brief document that outlines the top things we are watching: National Mortgage Settlement and Realtors – Five Quick Takeaways.
We also just sent regulators a letter updating our position on the REO bulk sales initiative now that we have some more guidance on the direction of the program. It’s four pages and should answer most questions about what NAR is doing on this issue – attached to this email as well. It also references the Bank of America proposal above.
Rally update: If you are getting any questions about the Realtor Rally at the midyear meetings, our website www.realtorrally.org is up and running and has answers to most questions that you or your members may have. If there is additional information needed, there is a web form on the site that is monitored by our staff in DC planning the rally. Of course, feel free to get in touch with me if I can answer any questions as well.
SOURCE: Chris Gosselin, Regional Political Representative AK, CA, CT, GU, HI, MA, ME, NH, NV, RI & VT
National Association of REALTORS® — CGosselin@realtors.org
Loan Mod or Short Sale?
Friends,
I have been spending a lot of time on the Short Sale issue. I feel that some progress is being made in this arena; however, we have to keep up the pressure by really looking at our customer’s circumstances. Are they really a loan modification or are they really a short sale? Our job is to look out for the clients best interest and get the answers they want!
AUTHOR: LeFrancis Arnold, CAR 2011 President-Elect, LACBOR Past President — http://www.LeFrancisArnold.com
