Hopefully, a foreclosure or short sale is a once-in-a-lifetime situation, but if you’re facing the challenge of losing your home, you need to know what the tax consequences and implications are before they sneak up on you and cause more damage to your budget.
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The most favorable among them is the Distressed Owner/Occupant Extension: homeowners in financial hardship can get a one-year extension on paying back taxes if the unpaid taxes go back no further than 2012. Upwards of 27,000 households that will otherwise go to foreclosure may qualify for the "DOOE" program.
When a home reverts to Beneficiary when can you stop paying HOA Fees and insurance if you are not leaving at the property? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
The AP story on this states: "It includes about $15 billion in housing tax breaks, including a credit of up to $7,500 for first-time home buyers for people who bought homes between April 9, 2008, and July 1, 2009. It also allows people who don’t itemize their taxes to claim a $500-$1,000 deduction on their 2008 property taxes.
A foreclosure tax sale is conducted in a situation where a property owner fails to satisfy a tax obligation associated with the real estate, according to "California Foreclosure: What You Need to.
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