Gov Hutchinson, Assistant General Counsel and Staff Vice President of the CALIFORNIA ASSOCIATION OF REALTORS® addressed about 700 East Bay real estate agents yesterday at the Dean Lesher Center in Walnut Creek, CA.

A couple of interesting notes from Gov Hutchinson:

• Since 2003, a lender can’t begin the foreclosure process until they contact the borrower and assess the borrowers financial situation.
• A lender with REO’s (bank owned properties) can be fined $1000 a day by communities for not maintaining foreclosed properties.
• The Federal waiver on short sale tax liability has been extended through 2013.
• California debt relief for short sale properties expires at the end of this year. Currently it is in effect for debt relief under $250K.
• The capital gains tax in California is changing 1/1/09. Home owners will have to declare capital gains on homes they rent out, regardless if they have lived in them. The capital gains will be based on the time period the home was rented out. This effects homes purchased after 1/1/09.
• Renters who are victims of domestic violence, stalking or sexual assault can break their lease if they provide a copy of their protective order along with their 30 day notice to the landlord.