Equity Line Changes in Oakland and Berkeley

Recently it has come to my attention that due to a declining real estate market, banks are cutting the limits of customers equity lines of credit. I know many of you have equity lines with funds available for a rainy day or an upcoming remodel. You may not want to pull money from your home equity line and make the monthly payments, but if there is a possibility that you are counting on this money, think about it. I have heard several Oakland homeowners express their frustration when the money they have counted on was suddenly gone.

As always, when it comes to your finances, please consult your tax advisor or financial planner. I just want to give you the heads-up.

Okay this picture says nothing about Equity Lines of Credit, but I like to bring you beautiful pictures of the Oakland and Berkeley area. This photo is from the California Online Archives. Pictured here are children playing on the corner of Lee and Vernon Street.

Mortgage Debt Forgiveness

A home should be cozy and comfortable. It should be your refuge after a day out in the elements. A home should also be affordable. Recently many people are realizing that they purchased more home than they could comfortably afford. Before you are completely overwhelmed call your mortgage company and try to negotiate or call a quality loan broker who might have options for you. (Email me and I am happy to recommend several quality mortgage brokerages, deidrejoyner@comcast.net.)

President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007, which will help Americans avoid foreclosure by protecting families from higher taxes when they refinance their home mortgages. This Act will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. Under current law, if the value of your house declines, and your bank or lender forgives a portion of your mortgage, the tax code treats the amount forgiven as income that can be taxed.

For more information click here.

I can give you great advice on Oakland and Berkeley area real estate, however I am not a tax specialist. Please contact your tax adviser regarding this new act.

Credit Bureaus - Buying a House Takes Good Credit

Recently you might have heard about stricter requirements for home financing. If you are thinking of buying a home in the next year or so, it is wise to start working on your credit now. Many mortgage brokers will give you valuable advice on ways to raise your credit score. Feel free to contact me for a list of local,(Oakland and Berkeley area Mortgage Brokers) that are highly regarded.

Here are the numbers to the three major credit bureaus.

Equifax: 800-525-6285

Experian: (formerly TRW) 888-397-3742

TransUnion: 800-680-7289

Property Tax Benefit for For Folks 55 Years Old or Older

Do you live in Alameda County? Is your once perfect home in the Oakland Hills now too big since the kids moved out? Take advantage of Proposition 60 and 90 a property tax benefit for Alameda County homeowners.

Residents 55 years old or older can make a one-time property tax transfer within Alameda County. Since the passage of Prop 13, people are afraid to sell their larger homes to downsize to a more appropriate size for fear of a huge increase in property taxes.

Ask me for more information about this one time tax transfer and also about the cooperating counties in California that will allow you to transfer your tax base.

Call ore email me for my free booklet.

510.693.4253 cell - deidrejoyner@comcast.net