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short sale alternatives: California Eliminates "Short Sale Tax" - 04/13/10 03:52 PM

California has brought its tax code up to match the federal standards when dealing with short sales, foreclosures and loan modifications. 
Under Senate Bill 401, homeowners who have or will experience one of these potentially-taxable situations can rest assured that government finally believes that if you can't afford to pay on the loan, there is certainly no way you can afford to pay taxes on $200,000 that you never made in the first place.
In order to qualify for the tax relief, the home must be a qualified principle residence (no rental properties).  Aslo, the debts must be discharged from … (2 comments)

short sale alternatives: 10 TOP Alternatives to Short Sales - 10/02/08 06:20 PM
Are There Any Alternatives To a Short Sale?
            Always.  Only one or two of these may apply, but at least there are alternatives.  In fact, here are ten.  Keep in mind, anything other than full, on-time payment to the lender can have credit, legal and/or tax consequences.
Bankruptcy.  Always get legal, credit and tax advice from a licensed professional! Foreclosure.  Refer to the comments above. Stay in your home and rub anything lucky in hopes that the market will turn around soon (I'm rubbing the rabbit's foot right there with you!).  Stay away from breakable mirrors. Deed in Lieu of … (1 comments)

 
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Peter Carlseen

Chula Vista, CA

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RE/MAX Praecelsus

Address: 891 Kuhn Dr #204, Chula Vista, CA, 91914

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