TAX DEBT FORGIVENESS FOR CALIFORNIANS!!
SAN PEDRO CALIFORNIA REAL ESTATE
SAN PEDRO CALIFORNIA REAL ESTATE:
Governor Schwarzenegger on Monday signed SB 401 (Wolk), a measure providing tax relief on mortgage debt forgiven in a short sale, foreclosure, or loan modification. What a relief for so many people who have lost their home and have no way to pay taxes because of it.
You can read all about it in this press release, http://www.sacbee.com/2010/04/13/2674065/california-wont-tax-forgiven-home.html#mi_rss=State%20Politics.
The only trouble I have with the bill is that it only covers years 2009-2012. There are tens of thousands of people who lost their home in 2007 and 2008. I think the governor needs to reconsider for those years as well.
The effects of the housing crisis are seen everywhere. A huge ripple effect has been created and it has reached so many people in their jobs as well as their homes. Even take home pay has been reduced. My greatest hope is that we have learned not to over extend ourselves and that the pain of this terrible set of circumstances is so overwhelming we never ever want to go there again! Talk about needing to learn from our mistakes!
THIS IS YOUR SAN PEDRO REAL ESTATE GIRL, WENDY RICH-SOTO, SIGNING OFF...
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