Hello BP,I wanted to give everyone an update on some happenings here in California. A ballot initiative is gaining steam to raise taxes on properties valued at more than $3 million. This could effect many owners. Prop...

I'm constantly surprised that BPer's don't seem to be aware of the Republican Tax Reform proposals. 

What is a sufficient residual income will no doubt depend on several factors, such as the number of dependents a borrower has, and the cost of living for the area where the borrower lives.Source:http://www.mondaq.com/unitedstates/x/219652/Dodd-Frank+Wall+Street+Reform+Consumer+Protection+Act/CFPB+Ability+to+Repay+Rules+Issued

As you were told above, if you can't get a loan at that point, you'll have to sell.As for projections, we are in a weird place at the moment where the Trump administration is stepping on the economy gas pedal with incentives and tax reforms while at the same time the Federal Reserve is pushing on the breaks to try and slow down the economy. 

I am a reformed engineer and now full time in real estate.

Amanda HanBrandon HallTax Reform Update – Brandon Hall and Amanda Han Linda Weygant GuidesUltimate Beginners Guide Forum StickiesBP Calculators or spreadsheets uploaded by membersMy Favorite Books I have to say all of the BP books…right?

Here is an article from my FL Realtors Assoc which came out today:As proposed, owners must live in their house at least five years out of the last eight; currently, the requirement is two years out of the last five.The Senate version of tax reform includes an exception for transactions in which a contract is written before Jan. 1, 2018, even if the closing occurs later in the year.

From 1st missed payment to auction is ~6-months.PoA should work to reform the note/lien before trying to sell (and understand what they have). 

One downside from the new tax reform is that we lose the personal exemption at the federal level.However, the child tax credit increases and it is harder for it to phase out.Also since it appears that you have a small business where you work from home - you may be eligible for a home office deduction.

One of the principal industry concerns about the vast power granted to the Consumer Financial Protection Bureau was that these powers were too insulated from review….The ruling sends a crystal-clear message to federal agencies that their powers are not unlimited…We would not be at this point today if government agencies were more prudent and consistent about staying within their statutory authorities, grounding their rulemakings in empirical facts, and heeding appropriate procedural safeguards…Instead, too frequently, our regulators appear to be chasing headlines and short-term political wins.”National Association of Homebuilders - “Today’s Supreme Court ruling is an important step forward to advance meaningful regulatory reform because it means that federal agencies can no longer continuously change the law – and the intent of Congress – by implementing their own interpretation of statutes as long as the interpretation is viewed as being ‘reasonable.’