jjalone's Blog: All Categories

It is always fun to get away for a few days and even better when you return and appreciate home. Last week we traveled to Elizabethtown, Kentucky to visit Michael’s son Mark and his family. I enjoyed spending time with them and seeing Kentucky. 

I heard about the terrible ice storm they had this past winter but until I saw the devastation it caused I didn’t understand the impact. Kentucky is trees; almost every road is cut through a forest of trees or rolling green hills surrounded by trees. Almost every one of those trees was damaged. Now you see broken limbs jutting out in odd directions or piled high on the ground. The cleanup is going to take a long time and the effects will be seen for many years to come.  We did do some work on the Bourbon Trail… Read Full Post

Starting tomorrow the California Association of Realtors will start a new program to help first time buyers who are worried about the economy and not being able to make their mortgage payment if they lose their job.

The program, C.A.R. Housing Affordability Fund Mortgage Protection Program is designed to give these new homeowners some peace of mind by providing them with up to $1,500 per month for up to six months in the event of a job loss. In addition a co-buyer can participate for a reduced benefit of $750 per month for up to six months in the event of a job loss. C.A.R. is spending $1 million on the program and estimates it could benefit as many as 3,000 families in 2009. To qualify for the program the applicant must: ·         Be a first-time home… Read Full Post

These are words we never want to hear ourselves saying, especially as it relates to selling your home. I recently met a former homeowner who now has a very nasty tax issue as a result of not understanding the consequences of debt forgiven by a lender when they completed a short sale.   Unfortunately he was not using an agent who had much experience. The agent told him about the law passed in 2007 which allows the IRS not to count debt forgiven by a mortgage lender as income. She did the right thing and told her client to talk to an accountant but she appeared knowledgeable and he confirmed with a friend that this was true so completed the transaction. This happens every day and if you or someone you know is considering a short sale please read my column,…

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I have been hearing several different foreclosure rescue scams at work here in the Sacramento area. The perpetrators of the scam are approaching financially distressed homeowners and promising to help them stay in their homes and avoid foreclosure. I found and posted some warning signs of “foreclosure scams” to be aware of on the Real Estate News page at my jalone.com website. In addition there is a list of legitimate organization that are helping homeowners and where you can report anyone who you believe is out to make money at your expense. Remember, if it sounds too good to be true, it probably is not true.

  Although the forecast is for rain tomorrow, today is bright, sunny and warm so get outside and enjoy the early spring weather. Good-bye… Read Full Post

If your home is worth less than you owe, the payments are killing you and have a lender who refuses to help what will happen if you walk away? Walking away is letting the bank foreclose, giving them the keys or avoiding a foreclosure by doing a short sale. If you do one of these things how bad will it be for you? Will you get sued by your bank? Will you ever be able to get credit again? How much will Uncle Sam and the IRS want from you? It may not be as bad as you imagine. Check out my weekly column, “What are the consequences of walking away?” over at Rocklin & Roseville Today and find out.

Other Items: Happy St. Patrick’s Day! I hope you have the luck of the Irish today and all year long! I have been reading reports about a new California bill that may… Read Full Post

This morning I read an article in the Sacramento Bee about the former executives of Countrywide that got rich on bonuses and golden parachutes after they made tons of questionable loans which we are all now paying for. Believe it or not they have taken their wealth and created a company that buys up bad loans from failed banks. They are paying pennies on dollar for these loans and making a killing on collecting. The economy is in the tank, the everyday guy is suffering and these guys are making millions again!

 Why do I feel that when this is all said and done the people that will have prospered are the ones who helped create the problem and the borrowers who made risky and poor financial decisions to buy homes they couldn’t afford? Those of us that… Read Full Post

I have been watching and experiencing a steady increase in real estate activity around the Sacramento area. We have a number of new listings, several of which are on fire. Yesterday I listed a great home in a downtown Sacramento neighborhood, 1324 35th Street. The agent “hits” on MLS has been very high and the phone has been ringing non-stop. It is an unfortunate Sacramento short sale but will make a new buyer very happy. 

The other property that is hot is another short sale but this one is in Newcastle on over 4 acres. We had an accepted offer which is being reviewed by the seller’s lender but they had to back out because they could not obtain financing. We put it back on the market yesterday and can’t keep up with the requests for more… Read Full Post

In the past two weeks we have seen the Federal stimulus bill, the Homeowner Affordability and Stability Plan and our new California budget which as some provisions to help the housing market. What are these, how do they work and have we finally got all the players headed in the same direction? Take a look at my local real estate column, “Stimulus, Recovery, Stability coming to Sacramento?” over at Rocklin & Roseville Today.

I have had a number of emails in the past few days from some of my readers and I apologize for dropping off a bit in the past few weeks. We have been very busy and I have been feeling a bit under the weather but hopefully I will get back to a more normal schedule and get a few more posts up over the next few… Read Full Post