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Originally Posted by JesseTNC  Is it possible to get some updates to this?
For instance, info including the federal Mortgage Forgiveness Debt Relief Act and the related CA Senate Bill (SB 1055 approved in Sept. 2008) as well as the pending CA Assembly Bill (AB 111). Also, the pending moratorium on foreclosures in California.
My understanding is that as of January 1, 2009, CA Debtors are once again liable for taxes on discharged debts (the Federal act extended the date through 2012). However there's a bill in the Assembly at the moment to extend the CA dates through 2011, due for a hearing in early May 2009. Which is also the same time the Governator's 90-day moratorium on foreclosures comes into effect. |
did you ever find out more about this?