Update: Federal taxes on forgiven short sales

Update: Federal Taxes on Short Sales Forgiven in CA 2014   Since the Mortgage Debt relief act of 2007 expired in December 2013 there has been much confusion over the issue of the IRS tax on short sales in California.  Although we do not have a law currently in place defining the forgiveness of Federal Taxes on Short Sales in California for  2014 we do have a documented opinion from the IRS thanks to Senator Barbara Boxer. “The Internal Revenue Service Will Not Penalize California Families … [Read more...]

5 Tips to Protect Yourself from Loan Modification Scams.

Direct from the Office of Attorney General here are 5 tips to avoid being scammed by "Foreclosure Consultants". 1. Never pay up front fees!!  "Foreclosure Consultants" are prohibited by law from collecting money before services are performed. 2.  Beware of "Foreclosure Rescuers".  These people attempt to convince home owners they can stay in their homes as renters and buy their homes back later. Sometimes they are part of a fraudulent bankruptcy filing.  Either way if you transfer … [Read more...]

Where to File a Complaint if you have been a Victim of Real Estate Fraud?

Homeowners resources for Real Estate and Loan Modification Fraud: File a complaint with the California Attorney General's Office. 1800-952-5225 File a complaint with the Federal Trade Commission. If your complaint is against a real estate broker: Department of Real Estate. If your complaint is against an attorney: State Bar of California website. You may also wish to consider filing a Small Claims Court action. These are informal courts where disputes are resolved quickly and … [Read more...]