| On April 12th, 2010 the state of California passed | | | | The act has been extended for two more years |
| an extension for the Mortgage Relief Act of 2009. | | | | so that these homeowners are not taxed on the |
| This extension carries this relief act through 2012. | | | | forgiven debt as income at least until 2012. For |
| This presents an opportunity for more California | | | | those facing foreclosure or short sale on their |
| residents to take advantage of the tax breaks | | | | primary residences this may be great news. |
| granted by this act. | | | | Hundreds of thousands of California residents may |
| The housing market crisis has been exceptionally | | | | benefit from this extension. |
| hard on California residents. California has one of | | | | It is simple to qualify for this and if you r are |
| the highest foreclosure rates in the country. This | | | | facing foreclosure or short sale on your primary |
| is bad enough on residents of the state, but | | | | residence you likely qualify to benefit from the |
| California income tax laws have only added to the | | | | act. Normally a tax professional like an accountant |
| problem. That is where the Mortgage Relief Act | | | | can answer any questions you may have. |
| comes in. | | | | Information is also provided on the state website. |
| Any debt that was removed through a | | | | The extension of the Mortgage Relief Act of |
| foreclosure, short sale, or mortgage restructure | | | | 2009 will present a large number of homeowners |
| was previously taxable as income in the state of | | | | with the opportunity to get back on their feet this |
| California. Many homeowners that were already | | | | year. If you are facing default on your mortgage |
| struggling were forced to pay taxes on the debt | | | | it may be a good idea to get more information on |
| the bank had forgiven. This just made the | | | | this extension. Take a moment and find out how |
| process even more difficult for California residents | | | | it applies to you. |
| who were in default on their mortgages. | | | | |