Tax Help for struggling Temecula homeowners
The California Assembly has recently passed legislation that will protect struggling homeowners in Temecula, Murrieta and other portions of Southwest Riverside and San Diego County.
Probably the worst thing that can happen to you, is to lose your home through a short sale or foreclosure, and then be presented with a tax bill that you can’t pay.
As state law now stands not all homeowners who have a foreclosure, short sale or loan modification will take a state tax hit. According to the Senate Revenue and Taxation Committee, for example, debt forgiven on a first mortgage used to buy a house even now is not taxable. That is not true, however, if the original mortgage is refinanced and money taken out to buy a car or for another investment.
If you are a struggling Temecula homeowner and would like to discuss your options, please call or email us.
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Tags: Help for Homeowners, help for homeowners in trouble, home affordable mortage program, stop foreclosure, Temecula Real Estate Market