2/02/2021

Self Employed Mortgage Loans

 




Bank Statement Home Mortgage for the Self Employed Business owner who earns income but writes off lots of expenses on the IRS taxes

We CAN HELP YOU BECOME A HOMEOWNER

Who Uses It?
 

 

Brokers with self-employed borrowers that include:
 

· ​1099 earners

· Jumbo borrowers

· Self-employed Agency fall-out- you went to Wells Fargo, or Bank of America, or Chase or that mortgage guy and they said NO

· Business owners

https://carolineg.swmcretail.com/   https://carolineg.swmcretail.com/

​​​

 

 

 


Why?

Our Bank statement loans save deals!

· We do not require tax returns.

· Borrowers qualify using 12 or 24 months personal or business bank statements.

· Quick and EASY close due to our excellent service and guidelines.

· Most loans now qualify off of a 50% standard expense factor.

· A bank statement review team reviews, analyzes, and calculates income for you.

 


How?

We educate, advise and teach you to become expert for your self-employed clients.

· We make loans that make sense.

· Quick non-QM pricing: 

· In-house underwriting allows for timely updates.

· We do advise you to ONLY deposit into one account

· We may need information from your CPA

· Let’s plan ahead before your offer is accepted or you want to refinance

WHAT ARE YOU WAITING FOR?

CLOSE MORE DEALS NOW WITH

 C G at Sun West Mortgage

Let me surprise you with how great the interest rates are on this home loan product. An affordable mortgage for a business owner is available right now if you call:

(949) 784-9699

NMLS 324982

 

 

This is not a commitment to lend. Equal Housing Opportunity.

(949

 

1/19/2021

California Homestead Good News In Bad Times


In Financial Trouble?

Worried about Losing Your House?

Homestead Declaration Changed in California 2021 to all larger dollar amount of protection from bankruptcy, judgement, or forced sale


 


As of January 1, 2021, California new law gives strapped homeowners with equity a method not to lose the equity or be forced to sell. Gavin Newsom approved Assembly Bill 1885, which amends Section 704.730 of California’s Civil Code as follows:

(a) The amount of the homestead exemption is the greater of the following:

(1) The countywide median sale price for a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed six hundred thousand dollars ($600,000).

(2) Three hundred thousand dollars ($300,000).

(b) The amounts specified in this section shall adjust annually for inflation, beginning on January 1, 2022, based on the change in the annual California Consumer Price Index for All Urban Consumers for the prior fiscal year, published by the Department of Industrial Relations.

The exemption amounts raised quite a lot and adjust up for inflation in the future.

Prior law was confusing and had much lower dollar amounts. If you are in financial trouble, out of work, out of money, facing bankruptcy this allows a homeowner in California to save more of the equity than ever before in the past.

The homestead exemption provides a certain amount of protection from judgment creditors – those creditors who sued in court and obtained a legal judgment to collect money owed.  A judgment creditor has the right to take several actions to collect the debt, including selling assets like vehicles and real estate.

Under the new law, $300,000 – $600,000 of a home’s equity can’t be touched by judgment creditors. The amount depends on the median sales of homes in the county where the property is. So, if you are a homeowner in California who faces a future judgement lien or is thinking about being forced into bankruptcy you need to file a Homestead with your County Clerk or Recorder Office. There are services that will do this for you, as it needs to be notarized and is vital that you get the address and legal description correct. I believe the maximum fee they can charge is $25 by law but also the Recorder/Clerk will have a recording fee.

 THIS DOES NOT SAVE YOU FROM FORECLOSURE. Lenders may require that you lift the Homestead to complete a first mortgage or any type of refinance. If you are not paying your home loan, this is not a tool to trick the lender. This does not stop a bank from accelerating collection of your mortgage.

The Orange County median home value for 2020 is $785,000.

There are ins and outs:

1.    Those who use their homes as collateral for loans will not be protected by AB 1885. The lender will have the right to foreclose, and the borrower will not qualify for the exemption.

2.    Homeowners who sell their homes are not protected from judgment creditors – the homestead exemption only applies in the case of a forced sale.

3.    State law does not protect from federal actions. IRS can come and swoop in if you have equity the Homestead does not help homeowners.

 

4.    The current homestead exemption in California may be automatic without going through the effort of filing and recording the form, depending on some terms and conditions.

 

5.    If you file a Homestead declaration, the homestead’s equity isn’t lost after the home sells, if recorded proceeds from selling the home are protected for six months after the sale.

My suggestion if you are struggling in this Covid pandemic with piles of credit card debt that you cannot pay, or a possible lawsuit from some bad problem, or are thinking of ways out such as bankruptcy filing the Homestead Declaration will give you a good night’s sleep that a bankruptcy court can’t force the sale of your home and take the money.

 

Forms are available as fillable online through your library, recorder, title company.

 

 

Recording requested by (name):

____________________________________________

When recorded mail to

and mail tax statements to:

____________________________________________

 

____________________________________________

 

____________________________________________

 

____________________________________________

 

Recorder’s Use Only

 


HOMESTEAD DECLARATION – SPOUSES AS DECLARED OWNERS

Assessor’s Parcel No. (APN): ________________________________

 

Declaration of Exemption From Gov’t Code § 27388.1 Fee

 Transfer is exempt from fee per GC § 27388.1(a)(2):

 recorded concurrently “in connection with” transfer subject to Documentary Transfer Tax   

 recorded concurrently “in connection with” a transfer of residential dwelling to an owner-occupier

 Transfer is exempt from fee per GC 27388.1(a)(1):

      Fee cap of $225.00 reached      Not related to real property

We, ________________________________________ and ________________________________________,  do hereby certify and declare as follows:

1. We are married spouses or registered domestic partners.

2. We declare that we are joint owners of the following property located in the City of ____________________________________, State of California, commonly known as (street address): ________________________________________, and more particularly described as follows (legal description): ________________________________________________________________________

__________________________________________________________________________________

__________________________________________________________________________________

3. We claim the property and the dwelling thereon as a homestead on behalf of both of us.

4. This property is our principal dwelling and we actually reside on this property on the date that this Homestead Declaration is recorded.

5. We own the following interest in the above declared homestead: _______________________.

The facts as stated in this Homestead Declaration are known to be true as of our own personal knowledge.

 

Date: __________________                          _____________________________________________

                                                                        (Signature of declarant)

                                                                        _____________________________________________

                                                                        Print Name

Date: __________________                          _____________________________________________

                                                                        (Signature of declarant)

                                                                        _____________________________________________

                                                                        Print Name

 

 

 

 

 

Recording requested by (name):

____________________________________________

When recorded mail to

and mail tax statements to: ____________________________________________

 

____________________________________________

 

____________________________________________

 

____________________________________________

 

Recorder’s Use Only

 


HOMESTEAD DECLARATION

Assessor’s Parcel No. (APN): ________________________________

 

Declaration of Exemption From Gov’t Code § 27388.1 Fee

 Transfer is exempt from fee per GC § 27388.1(a)(2):

 recorded concurrently “in connection with” transfer subject to Documentary Transfer Tax   

 recorded concurrently “in connection with” a transfer of residential dwelling to an owner-occupier

 Transfer is exempt from fee per GC 27388.1(a)(1):

      Fee cap of $225.00 reached      Not related to real property

 

I, __________________________________________________, do hereby certify and declare as follows:

1. I hereby claim as a declared homestead the premises located in the City of ____________________________________, State of California, commonly known as (street address): ________________________________________, and more particularly described as follows (legal description): ________________________________________________________________________

__________________________________________________________________________________

__________________________________________________________________________________

__________________________________________________________________________________

2. I am the declared homestead owner of the above-declared homestead.

3. I own the following interest in the above-declared homestead: __________________________

4. The above-declared homestead is my principal dwelling. I am currently residing on that declared homestead.

 

The facts as stated in this Homestead Declaration are known to be true as of my own personal knowledge.

 

Date: __________________                                    _____________________________________________

                                                                                      (Signature of declarant)

                                                                                      _____________________________________________

                                                                                      Print Name

 


 

 


 

 

 

1/12/2021

Survivor


Sugarbush, as they are named in South Africa. Proteas are survivors.

Thinking about the protea plants I left behind at the ranch. I will miss their syrupy smiles in summer and Fall.

Also melancholic about changes, leaving a home behind.

This reminds me of a topic I don't often discuss, but I have some useful knowledge that time revealed. 




I spent $300,000 on legal fees in my divorce and the spending was fueled by a mean ex who hired five attorneys and my own legal counsel who could see how much I was earning and thought we could recover from the master of disguise. Often I thought I would write a book on the best way to get divorced and save your capital. I believe mediation is a better solution to our court system. Fighting and court appearances cost dearly and those who lose cannot recoup the lost time, money, energy, and heart of your children.

With our court systems closed, three million American households in forbearance, and many people out of work the stress on families is enormous. Like in 2009 I believe the divorce rates are going to climb as couples were locked down in a bind of heavy darkness. If I can suggest anything: seek counsel from your pastor, priest, rabbi, and health care providers. Exercise, eat healthy, and talk about the stress. If things are dangerous (mine was) then you have to get out. If there is abuse get the perpetrator to move in with other family.

Be a survivor my friends. Much love to all. Pandemic and political chaos will pass.


Proteas don't like alot of water, they love a pine needle mulch, and sun.