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Mortgage Relief Act Extended for 2013 Short Sales! | 951-217-6745

Published January 2, 2013 in Temecula Short Sale - 0 Comments

Mortgage Cancellation Relief extended for 2013 short sales!

rebloged by Sidney Kutchuk 

Mortgage Cancellation Relief extended for 2013 short sales!

Senate ‘Cliff’ Bill Retains Mortgage Cancellation Relief

On January 1, 2013, in Breaking NewsPolitics & Government, by Robert Freedman

Tax rates would remain the same for most households and mortgage cancellation relief is extended in a budget package passed by the U.S. Senate early this morning to avert the so-called fiscal cliff. The House today could take up the bill, which NAR has been monitoring closely because the fiscal cliff’s automatic tax increases and federal spending cuts involve programs important to real estate and impact household wealth. Based on what the House does, the provisions in the Senate bill could change in the final bill.

The “American Taxpayer Relief Act of 2012’’ passed on a bipartisan 89-9 vote in the middle of the night and extends current tax rates for all households earning less than $450,000, and $400,000 for individual filers. For households earning above these limits, tax rates would revert to where they were in 2003, when taxes were reduced across the board. That means taxpayers in the highest bracket would pay taxes on ordinary income at a rate of 39.6 percent, up from 35 percent.

The tax rate on capital gains would also remain the same, at 15 percent, for most households, but for those earning above the $400,000-$450,000 threshold, the rate would rise to 20 percent.

Importantly from NAR’s perspective, the exclusion from taxes for gains on the sale of a principal residence of up to $500,000 ($250,000 for individuals) remains in effect, so only home sellers whose income is $450,000 or above and the gain on the sale of their house is above $500,000 would pay taxes on the excess capital gains at the higher rate (with corresponding numbers for individual filers). For the vast majority of home sellers, there is no change.

The bill also reinstates provisions that phase out personal exemptions and deductions for incomes over $250,000 for singles and $300,000 for couples.

A number of what lawmakers call extenders are in the bill. Extenders keep in place expiring tax provisions. Of most interest to real estate, the bill would extend mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale or foreclosure sale for sellers and in a modification for owners. Without the extension, any debt forgiven would be taxable, which, for underwater households, represents a financial burden.

Sidney Kutchuk | January 2, 2013 at 8:15 am | Categories: Temecula Short Sale Agents | URL:http://wp.me/p24A2i-d5

The Mortgage forgiveness Act ends Dec 2012 with no extension in sight.

Published December 8, 2012 in Temecula Short Sale - 0 Comments

Soon-to-expire tax break for short sales is driving a spurt in “short sales.” | 951-217-6745

by Sidney Kutchuk


Temecula Short Sale Specialist | 951-217-6745 | Realty Works Temecula

The Mortgage forgiveness Act ends Dec 2012 with no extension in sight.

A soon-to-expire tax break for troubled homeowners is helping drive a spurt in “short sales.”
During the three months ended Sept. 30, short sales in which homeowners had fallen behind on mortgage payments soared 22% over last year, according to a report released Thursday by online marketing company RealtyTrac. By comparison, short sales by people current on their payments went up 17%.

In a short sale, homeowners sell at a price that is less than what they owe the bank, and the bank agrees to absorb the loss. The bank unloads the house and the homeowner gets out of a mortgage he can’t afford.
And currently, homeowners don’t have to pay federal tax on the unpaid mortgage debt because of a bailout-era law known as the federal Mortgage Debt Forgiveness Act.
But the act expires on Dec. 31 and, unless it is extended, the IRS in January will start treating unpaid mortgage debt as taxable income for many borrowers. The average amount of forgiven debt in a short sale is about $95,000, according to Blomquist. The tax on that could go as high as $33,250, even more if the Bush tax cuts expire.

Source:  NEW YORK (CNNMoney)


Murrieta Short Sale Agents | 951-217-6745 | Realty Works

Published November 5, 2012 in Temecula Short Sale - 1 Comment

By Sidney Kutchuk – Certified Murrieta Short Sale Agents.

Murrieta Short Sale Specialist

HAFA Certified Short Sale Specialists
Sidney & Adam Kutchuk – Father & Son short sale agents.

A short sale is a type of real estate transaction were you need to be sure you have the best Murrieta Short Sale Agent on your side.
WHY? Because a short sale is a pre-foreclosure sale and you risk loosing your home to foreclosure if the sale is not handled correctly.
Time is of the essence with all real estate transactions, but with a short sale it is even more important to keep tract of the many moving parts that are part of the short sale process.

Realty Works has a proven tract record helping local Murrieta homeowners with NO “Out-Of-Pocket-Costs”. Get the facts before you list you Murrieta home. The hardest part of a short sale is not knowing what to do. Lets talk. I can and will advise you of your options. There is no pressure from me,use my 17 years of short sale experience to make your choice. If you decide a short sale is the correct option I will step you through the short sale process and tailor my program to your needs. I have many ways to get to the goal which is an approved short sale.

Email us  Expert@aShortSale.com  or call   951-217-6745
We are here to help. Certified HAFA Murrieta Short Sale Agents. 

Another Temecula short sale approval | 951-217-6745

Published November 3, 2012 in Temecula Short Sale - 0 Comments


Temecula Short Sale Approvals | 951-217-6745

by Sidney Kutchuk

Temecula Short Sale Approvals | 951-217-6745 


Just closed another Temecula Short Sale.Best part of this job is when it’s over and I get to thank the Temecula homeowner for trusting me to get them through the short sale process.  Just called my client with the good news and followed up with my thank you email. Below was their reply. Another happy short sale client.

Hi Sidney,

We received your message. Thank you for making this very emotional time so easy and drama-free. You are by far, one of the most professional individuals we have ever worked with and I will highly recommend you to all my friends and family for any real estate needs that they have.

Take care =)


Murrieta Short Sale Agents | 951-217-6745

Published October 26, 2012 in Temecula Short Sale - 2 Comments

Murrieta Short Sale Agents at Realty Works Temecula | 951-217-6745

Murrieta Short Sale – Pool Home

Market Stats

Single Family Home
Main Features
4 Bedrooms
3 Bathrooms
Interior: 2,622 sqft
Lot: 7,841 sqft
37227 Bunchberry Ln
Murrieta, CA 92562
To get updates on open home dates and other property events, please click the “Like” button below:

Sidney M Kutchuk

Sidney M Kutchuk

Realty Works Temecula
(951) 676-4663


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Temecula foreclosure report on Notices of Default & Notice of Sale.

Published October 15, 2012 in Temecula Short Sale - 0 Comments

Temecula CA “Notices of Default” & “Notice of Sale” Year to Date Report for 2011 to 2012

Below is a chart showing the past years foreclosure activity here in Temecula CA.
Here is what I see.

Temecula NOD & NOS YTD

 NOD’s (green line) Notices of default in Temecula have been showing a steady decline from 148 homes a year ago to just 71 homes a year later. A 52% decrease. Yet the Notices of Sale (NOS) in blue remain almost the same,only a 6% change.

So even though the numbers show less Temecula homeowners going into default the banks are not slowing down on the amount of Temecula homes that they are taking to sale/foreclosure. 87 last year to 81 this year.

Banks will normally post and mail out the Notice of Default after 4 months of missed payments. If the default is not cured by the homeowner it is followed up by the Notice of Sale. Before the notice of sale a Temecula homeowner has many options including a short sale.


Temecula Short Sale Agent, Cyber Sid at your service,Short Sale QR Code

by Sidney Kutchuk  AKA…Cyber Sid
      SHORT SALE AGENT    www.aShortSale.com
CALL ME, 951.217-6745 cell

 41720 Winchester Rd #I  Temecula Calif. 92590      951-217-6745    DRE# 01156692   Google me

Temecula Short Sale Testimonial | 951-217-6745 Realty Works Temecula

Published September 30, 2012 in Temecula Short Sale - 0 Comments

Highly likely to recommend – Another Satisfied Short Sale Client.

by Sidney Kutchuk

Highly likely to recommend – A review from another Satisfied Temecula CA Short Sale Client.

Sold a Single Family SHORT SALE HOME in Temecula, CA.

  • Local knowledge: √
  • Process expertise: √
  • Responsiveness: √
  • Negotiation skills: √


We were unsure about the short sale process and ours was a little more difficult with tenants and a third loan on the home. Sidney assured us he could do it and he did. He is probably if not the most responsive professional person I have encountered. He responds to emails within minutes and phone calls too. We lived 6 hours from the home we were selling and he went above and beyond with checking on the house to make sure the landscape and pool were up to par. He went above and I would highly recommend him if you are thinking of a short sale or traditional sale.
Profile picture for Sidney Kutchuk
Response from Sidney on 09/27/2012
Matt, Thanks so much for taking the time to let the public know how seriously I take the job of handling my clients short sale transactions. Sidney Kutchuk Broker Realty Works Temecula

Temecula short sale agent and broker Sidney Kutchuk explains the Short Sale process.

Published September 30, 2012 in Temecula Short Sale - 0 Comments

Temecula short sale agent and broker Sidney Kutchuk explains the Short Sale Process. 

BY now most homeowners have an idea of what a short sale is but don’t know if it is the right option for them. A short sale will present itself as the best option to most homeowners if they….

Can no longer afford to make the mortgage payment.
Need to move or relocate and can not sell the home due to current market values.
Divorce or court orders a home to be sold.
Nearing retirement and you need to downsize and reserve your capital.
Or you just got in over your head and need a fresh start.

A short sale gives you a controlled exit  to today’s crazy real estate market and in most all cases a complete break from a bad mortgage with no deficiency owed to your lender and no tax issues when you are a owner occupied home seller.

What does it cost you to sell your home as a short sale. All costs are paid by your lender not you.You will have no-out-of-pocket costs and in many of my short sales I have been able to get you a check at the closing. These checks range from $1,500 to $30,000.00 with most sellers getting $3,000.00 at the close of a short sale.

Will you have to have a sign and lock-box on your home and be invaded by agents and buyers?
NO,I will keep your short sale low key with no drama. My marketing is talored to you and your familys needs. My system works and your home will be in escrow within the two weeks. Once I have secured a buyer the short sale process starts with your lenders. Currenty it is taking me 3 months to get the short sale approval letter from your lender and with that in hand we then have 30 days to close. All in all total time from start to finish of your short sale is 4 months.  

The above is an outline of what I am currently seeing with todays Temecula Short Sales. Please contact me direct by phone or email so I can go over the short sale process with you and give you a more speific detailed plan and time line based on your home and the loans you have.

Mortgage Debt Cancellation

Published September 24, 2012 in Temecula Short Sale - 0 Comments

Mortgage Debt Cancellation

by Sidney Kutchuk

Mortgage Debt Cancellation      A message from the President of C.A.R. Calif Assoc of Realtors.
Last month, I mentioned the expiration of the mortgage debt cancellation provision, which ends Dec. 31, 2012.  The mortgage debt forgiveness issue is only one of approximately 60 expiring tax provisions that Congress appears unable to extend prior to its recess for the November elections.  Congress is pushing the extension of any expiring tax provision to the lame duck session, along with any increase in the debt ceiling, and any serious attempts to prevent the mandatory budget cuts agreed to during last year’s debt ceiling deal.

California’s tax treatment of mortgage debt relief income generally aligns with federal law, and both the California and federal laws are set to expire at the end of 2012. For debt forgiven on a loan secured by a “qualified principal residence,” borrowers are exempt from both federal and state income tax consequences, but only until Dec. 31, 2012.  The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

However, these tax breaks apply only to debts discharged from 2009 through 2012. It may be that Congress will take action to extend the federal exemption before year’s end, but we will have to wait and see. If the federal law is extended, it is likely that California would follow in due course, as in the past, but it is not guaranteed.  The last time the federal tax exemption was extended, California did not conform its tax law until well into the next year.

Sellers who have transactions closing after Dec. 31, 2012, should speak to their own legal counsel or tax advisors about the impact of the expiration of these laws and their potential tax liabilities, including the applicability of other exemptions from debt relief income tax.

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