Real Estate Information Archive


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Home buyers get an $8,000 gift for buying now!!!

by Southern Californias Top Producing Mother & Son Te

$8,000 Tax Credit For Home Buyers

Are you currently looking to buy in Downey, Lakewood, Huntington Beach, or anywhere in South East Los Angeles, or North Orange counties???   Well the $8,000 tax credit for first-time home buyers should entice some first-time home buyers to “jump-in” and buy a home.  There has never been, and we're not sure if there ever will be another time when you will actually get payed to buy a home.  Not only do you get this $8,000 tax credit, but if you buy in this real estate market, you are buying homes at a discount because prices are EXTREMELY low right now.

Huntington Beach
-You can buy a 3 Bed 2 Bath home in Huntington Beach for close to $400,000 when that same home 2 years ago was going for a least $750,000.

Downey-You can buy a 3 Bed 2 Bath home in the city of Downey for close to $300,000 when that same home was going for $600,000 2 years ago. 

Here are some of the details of the tax credit.  Please don't miss out on this great opportunity!!!

  • Available only to first-time home buyers
  • The tax credit is not a loan and does not require repayment*

    *If the home is sold within 3-years, the $8,000 tax credit must be re-paid

  • The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a check
  • Home purchase must be for a primary residence
  • The credit is available on home purchases between January 1, 2009 and December 1, 2009
  • If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
  • The credit is not eligible if the seller is a relative of the buyer

IRS to expedite tax lien relief for Homeoweners!

by Southern Californias Top Producing Mother & Son Te
IRS TO EXPEDITE TAX LIEN RELIEF FOR HOMEOWNERS The Internal Revenue Service (IRS) recently announced it will expedite its process of providing relief from federal tax liens for distressed homeowners. With over one million current federal tax liens against real and personal property, the IRS announcement should help REALTORS(R) and their clients resolve federal tax lien issues in their sale and loan transactions.
As background, a homeowner seeking to sell or refinance a property must generally pay off an existing federal tax lien. However, during the current economic downturn, many homeowners don't have the cash or equity to do so.
Hence, for a refinance, the homeowner may request that the IRS makes its tax lien subordinate or secondary to the lien of the refinancing lender. For a sale, the homeowner may, under certain circumstances, request that the IRS discharge its claim. The IRS's processing time for subordination or discharge requests has been about 30 days. The IRS is currently working to expedite that time frame to help distressed homeowners. For IRS instructions on requesting relief from federal tax liens, go to the IRS Publication 783 for discharges at
and Publication 784 for subordinations at
C.A.R. provides REALTORS(R) with many legal articles covering a wide range of topics of interest. Some of the new or newly revised legal articles available at are as follows:
-       Abandoned Personal Property After Termination of a Tenancy,
available at
-       REO "Net" Commissions, available at
-       Licensing Guide for REALTORS(R), available at

President Obama Unveils Home Owner Affordablility and Stability Plan -How will this affect real estate?

by Southern Californias Top Producing Mother & Son Te

Earlier today, President Obama unveiled the Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners, while attempting to prevent the destructive impact of foreclosures on families and communities.

The plan contains three main components, and only applies to primary residences. The loans referenced in the plan cannot exceed Freddie Mac/Fannie Mae conforming loan limits.  I’ve outlined the plan in greater detail below.

The first component is directed toward homeowners suffering from falling housing prices who still have equity in their homes, but no longer have the 20 percent equity needed to refinance.  Under the plan, homeowners who have conforming loans owned or guaranteed by Freddie Mac and Fannie Mae will be allowed to refinance their homes, even if they do not have 20 percent equity left in the house. The U.S. Treasury Dept. estimates that about 5 million homeowners will be helped by this portion of the program.

The second component, known as the Homeowner Stability Initiative, is designed to assist homeowners who are “underwater” on their mortgages. The $75 billion initiative will bring together lenders, servicers, and the government so that all stakeholders share in the cost of the modification.  Primary mortgages would be reduced to monthly payments that do not exceed a 38 percent debt-to-income ratio, with the costs of doing so borne by the lender. The government and lender then would split the costs of further reducing the monthly payments until they were at a 31 percent debt-to income ratio. An important aspect of the initiative is that homeowners do not have to be delinquent to participate.

The Homeowner Stability Initiative also will create incentives for servicers, mortgage holders, and homeowners. Servicers would receive an up-front fee of $1,000 for every eligible modification meeting the initiative’s guidelines. Guidelines are scheduled to be released by March 4. Mortgage holders will receive an incentive payment of $1,500, and servicers $500, for modifications made on loans that are current but at risk of imminent default.

The final aspect of the Homeowner Stability Initiative is creating clear and consistent guidelines for loan modifications. The Obama Administration plans to work with federal agencies, banking and credit union regulators, and the private sector in order to develop loan modification guidelines that can be implemented across the entire mortgage market. While adoption of the guidelines will be voluntary for the private sector, all financial institutions receiving Financial Stability Plan assistance going forward will be required to implement the loan modification guidelines.

The government estimates that between 3 and 4 million homeowners will benefit from the Homeowner Stability Initiative component of the plan.

The third component of The Homeowner Affordability and Stability Plan is supporting low mortgage rates by strengthening Fannie Mae and Freddie Mac.  The Treasury Dept. plans to increase their Preferred Stock Purchase Agreements with both Fannie Mae and Freddie Mac from its current $100 billion in both entities to $200 billion in each. The Treasury Dept. also will continue to purchase Fannie Mae and Freddie Mac mortgage-back securities in order to help promote stability and liquidity in the marketplace.  Additionally, the Treasury Dept. will increase Fannie Mae and Freddie Mac’s portfolios by $50 billion, for a total of $900 billion. The Obama Administration will work with Fannie Mae and Freddie Mac to support state housing finance agencies in serving home buyers, such as CalHFA. Funding for this will not come from TARP money but from the Housing and Economic Recovery Act.

While some of the details still are being developed, such as the modification guidelines, the Obama Administration plans on using programs and funding already allocated for The Homeowner Affordability and Stability Plan and will need little legislative approval for programs under the plan.

We’ll keep you updated on the Homeowner Affordability and Stability Plan as more details and information become available to us.


Maria Palacios & Assoc.
Mother & Son Team

Let us Help You Invest for Your Retirement

by Southern Californias Top Producing Mother & Son Te



We are so excited to be able to add to the list of services that we can provide to our clients as real estate professionals.  Chris Gonzales is now a Licensed Financial Advisor and now does full service financial planning.  This designation and ability enables us to give our clients the full service that they deserve, helping them begin to build their wealth, providing them with Life Insurance to protect their families,  and helping them grow the assets that they currently have more effectively, paving the way to a secure retirement. 

Don't think that you have to be a millionaire to begin saving and investing for your future.  Many programs need very little to get started.  The sooner you begin the more you'll have available to you in the end.  Let us show you the new services that we have to offer established to help investors meet all their financial goals through a wide range of financial services. 

We now offer the services of:

- 401k Rollovers
- Openning a retirement account (Many options:
401K, Annuities or IRA for retirement savings, etc)
- Life Insurance (Universal Life, Whole Life, Term-Life)
- Mutual Fund Investing (Agressive Funds, as well as Conservative)

For any questions you may have you can contact Chris directly and (888) 746-3811.  He will be able to answer any questions you may have about any of the above programs.   

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Contact Information

Photo of The Mother & Son Team - Maria Palacios & Chris Gon Real Estate
The Mother & Son Team - Maria Palacios & Chris Gon
Berkshire Hathaway HomeServices, California Properties
16911 Bellflower Blvd
Bellflower CA 90706
(877) 883-1003
Fax: 562-381-9113