Posts Tagged ‘California’

Short Sale Tax Relief On The Way For Californians

There’s good news today if you’re a homeowner in California and you need to short sale your home. The California legislature approved a measure that would remove the tax liability on “forgiven debt” created when homeowners sell their homes for less than what they owe. Currently, the difference between the sales price and the amount owed on the note is counted as income and is taxed accordingly. This has left many cash-strapped Californians owing large tax bills on income they’ve never seen, much less spent. Governor Arnold Schwarzenegger has said that he will sign this bill.

Pennsylvania Helps Unemployed Homeowners Avoid Foreclosure

foreclosure

 

In the midst of the foreclosure crisis that has swept all across America, one state has in place a program that has been helping families stay in their homes since its passage in 1983.  The state is Pennsylvania, and according to this article,  the program prevented foreclosure for 3,250 families last year. 

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