Page 10 - February 02, 2012


‘Chuckles’ Cont. from Page 7


3. And, upon hearing Joe Jacobi of the 'Skin's say:


"I'd run over my own mother to win the Super Bowl," Matt Millen of the Raiders said: "To win, I'd run over Joe's Mom, too."


4. Torrin Polk, University of Houston receiver, on his coach, John Jenkins:


"He treat us like mens. He let us wear earrings."


5. Football commentator and former player Joe Theismann:


"Nobody in football should be called a genius. A genius is a guy like Norman Einstein."


6. Senior basketball player at the University of Pittsburgh :


"I'm going to graduate on time, no matter how long it takes.."


7. Bill Peterson, a Florida State football coach: “You guys line up alphabetically by height."


Understanding Your Real Estate Options


Franklin is a 5-1/2 year old, 16 pound, neutered, male, orange and white Tabby cat. He arrived at Rancho Coastal Humane Society from another shelter through the FOCAS program.


Franklin is a big guy. When he sits on your lap...he sits on ALL of your lap. Elvis Presley would have called him a "Hunka hunka fur and love." His adoption fee of $125 includes neuter, up to date vaccines, veterinary exam, and microchip.


Franklin is available for adop- tion through Rancho Coastal Humane Society, 389 Requeza Street in Encinitas. Adoption hours are 11 am to 5 pm Wednesday through Monday. For more information call 760- 753-6413 or log on to www.sdpets.org.


value market, and the lender agrees to accept the proceeds as payment in full on the mortgage even though the sales price is less than the existing debt.


PERFECT TIMING by Cherrie Giles


Certified Property Manager Giles and Company


Residential & Commercial Real Estate, Leasing and Property Management


Tax Relief on Short Sales Expires December 31st, 2012!


Short Sale 101: If you are a home seller who owes a lender more than your home is worth, it's not as dismal as it might sound. Negotiating a short sale with the lender could be the solution. This means that you or your agent sells the home to a buyer at market, or slightly below


If you are trying to decide when the time is right to start the process, it’s right now! Why? The Mortgage Tax Relief Act, which eliminates mortgage debt forgiveness (income tax you have to pay), expires December 31, 2012! For you, the seller, this Act provides relief if you close escrow prior to the close of 2012.


Short sales account for over half of all listings. You may have heard that many home- owners use the short sale process to stay in the home as long as possible, which is understandable because losing your home is a painful process. However, with the Mortgage Tax Relief Act


Annie is only a young Dachshund adult of around 2 1/2 years. Annie’s shelter mug shot was so sad we just had to find an extra spot for her. She has had a nice rest period and now is all ready for her own forever home. She has been spayed, microchipped and all her vac- cines are up to date. A local Vet has offered a free health checkup for any of our pups that can be used for insurance as well. Annie is only about 9 pounds, loves ... I mean LOVES to snuggle and does great with other people and pets. No need to worry…the ears never fold up. She is ready for full flight at any time.


Please contact us at admin@forgottenpaws.org, call 949-246-1280 or go to our website www.forgotten- paws.org


expiring on December 31st, 2012, homeowners will be “motivated to act” well before that date as a result of the short sale and foreclosures’ lengthy process.


A TAxING ExPERIENCE If you start a short sale, deed- in-lieu or foreclosure, you may be taxed on the lender’s loss. If you owe $250,000 and the lender forgives $50,000 of that debt, that $50,000 is con- sidered income. If your com- bined federal and state tax rate is 36%, you would owe $18,000 in taxes!


Prior to the Mortgage Forgiveness Debt Relief Act (HR3648) in 2008, homeown- ers of primary residences were subject to a “Phantom Tax” where the amount for- given would count as income. Since the passage of HR3648, you would still report the canceled debt as income, but are granted exclusion to write


Gerald is a 2-year-old neutered male bunny rabbit cross, ID# 54494. He has a beautiful white and orange-speckled coat with stunning twinkly brown eyes to match. Gerald is on the small side, but don't let his size fool you - he will have no problem winning you over with his big heart and charming personality. He's very friendly and likes having play time so he can hop around and explore his sur- roundings. Gerald is in search of a kind, indoor home where he can be the center of atten- tion. Gerald is available for adoption at the Escondido Humane Society, 3450 E. Valley Parkway. His $45 adop- tion fee includes microchip, neuter and vet exam. For more information, call (760) 888-2247 or log on to www.escondidohu- manesociety.org.


The


Escondido Humane Society Adoption Center is open from 10 a.m. to 5 p.m. seven days a week.


off the income. The write-off only applies to forgiven debt on primary residences and canceled debt up to $2,000,000. If you obtained a home equity line of credit (which is called a HELOC) after closing that was not used to improve the property, then forgiveness of that loan may be subject to tax. DON’T WAIT TOO LONG


Please remember that the short sale process takes a long time! If you know or believe that you will be facing a pos- sible short sale in the future, you need to start the process as soon as possible! Please call Cherrie Giles at Giles & Co. at 760-746-1234! We are here to assist you with the process.


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