San Jose Real Estate * REALTOR ® * Richard Gonzalez

California took a bold step today in helping those homeowners in default by allowing taxes owed to the state to be forgiven through 2012.

As mentioned in my blog a few days ago and now the Governor says he will sign the bill as reported by the Sacramento Bee.

“Primarily, the bill affects people who had debt forgiven as they lost homes in foreclosures, short sales and deeds in lieu of foreclosure last year – and through 2012 now. Also affected: those who got loan modifications that cut the amount they owe the bank.”

Read more: http://www.sacbee.com/2010/04/09/2666095/california-wont-tax-forgiven-home.html#ixzz0kdhKy8yh