1-Talk to a real estate tax attorney or your CPA

2-Talk to your lender mortgage department and take names and dates and time with whom you spoke

3-Do NOT listen to friends and family unless they have a law degree and know the real estate tax consequences

4-Each case is different- What works successfully of one may not be the best option for the other.

In california, yes the original purchase loan falls under the Bush mortgage debt relief act.

Are there two loans? Was the 2nd entirely used towards the purchase?

Have you refinanced? Was it to refinance into a better loan?

Did you refinance to pull equity out and NOT used for capital improvement to your home?

Do you have other assets? Other homes?

If you successfully completed a short sale and/or foreclosure and did not get in writing that the lender will not come back after your other assets you may be in for an awakening within 12-14 months from the conclusion of your short sale or foreclosure.

We are not attorneys. However it has been brought to light that many individuals thinking they are walking away free from their obligations may be faced with stiff penalties or fines in the future.

Are you aware if you bare your finances and assets as well as your employment history and salaries with your lender and there are know indescrepancies found you could face prosectuion and /or litigation from the lender after your short sale and/or foreclosure for fraud? In other words if you overstated your income in order to qualify for a home you may find yourself in another predicament?

SEE why we suggest you contact a real estate tax attorney or a real estate attorney who has stayed on top of all these changes? A few hundred dollars to an attorney is far better than thousands and thousands down the road......

When you were forgiven debt either in a short sale did you receive in writing from your lender a promise not to proceed with further litigation or hold you accountable for future proceedings?

Granted California is a non recourse state. .....ON ORIGINAL PURCHASE loans.........

Even the CPA's are concerned where this could go for those who do not cover their back doors.

You can go to http://www.ccshortsales.com for more information and resources.

It is our intent to offer as many resources for our clients to make an informed decision. If a short sale is deemed the best path, Catherine and I have  the experience to represent you in the marketing of your home and presenting the offers to your lender for review and short sale approval.