can anyone help me with this problem on what to do about or someone who know the laws about foreclosure since 2009 and if someone want collect?

Asked by Linita, California Sat Aug 6, 2011

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Michael Magaw’s answer
Michael Magaw, Agent, Torrance, CA
Sat Aug 6, 2011
It is not clear what "this problem" is. I would suggest that if you have questions about specific laws, that you speak to an attorney or CPA. I would be careful about taking legal, financial or tax advice from a realtor or from anyone else who has not heard all the details about your situation and asked all the necessary questions. Your questions are important and should be carefully addressed by the appropriate professional.
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Aug 6, 2011
I am glad you're in California; I can be specific:
When you go thru Foreclosure, you will have 5 kinds of Debt/Problem:
1.) The Mortgage; will be forgiven; and with State Laws (re-affirmed since passed) you will not have to worry about Deficiency Judgement for the difference.
2.) Second Lien; such as a Second or a HELOC, (reaffirmed in July) you don't have to worry about any 2nd either.
3.) Property Taxes; could still be a problem if you were behind when the Foreclosure took place. They will stay with you; you should contact the Couty Assessor and make a deal. This will not go away.
4.) HOA Lien; if you were living in an HOA and were behind on your HOA dues, you will have to negotiate with them; they might be reasonable. Again, this lien does not disappear with the Foreclosure.
5.) Income Taxes: If you profited from the foregiveness of the debt; as of 2009, the Federal Gov. (Obama) passed the "Forgiveness of Debt" law, which means that you will not owe the IRS for that paper income.

I hope this answers your questions.

Good luck and may God bless
0 votes
John Arendsen, Agent, Leucadia, CA
Sat Aug 6, 2011
Can you be a little more specific or drop me an email , john@arensengroup.com, if you don't want to discuss it in an open forum?
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Sat Aug 6, 2011
Linita:

Contact me directly and I might be able to point you in the right direction. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
http://shel-lee.listingbook.com
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