Practice Areas

Blog

News

Library

Testimonials

View All

Breaking Legal News & Current Events

CA Tax Breaks For Homeowners Who Have Experienced Foreclosure


Posted on Apr 09, 2010

April 9, 2010 - California - While many programs aim to prevent foreclosure, a new measure in California aims to help homeowners who have experienced foreclosure, including those who were victims of wrongful bank foreclosure or illegal foreclosure.

According to The Los Angeles Times, the state legislature on Thursday approved a bill that would forgive state taxes on foreclosed homes or short sales. About 34,000 people will be affected by this bill, which may allow financially-strapped homeowners to begin piecing their lives back together after a foreclosure. Without it, many Californians would likely be stuck owing $1,000s on property they no longer own or occupy.

Gov. Arnold Schwarzenegger has already claimed that he would sign the measure in order to provide much-needed relief to thousands of California homeowners. Residents of the state can use this tax break for this year's filing season, though they were already allowed to do so on their federal return. California will lose about $34 million in revenue over the course of 3 years because of this measure.

While it's exciting to know that relief is being provided for some California homeowners, the threat of wrongful bank foreclosure-wherein a bank or lender uses illegal methods to wrongfully seize a property that is not technically in foreclosure-remains a threat in California and the rest of the country.

The Massachusetts wrongful foreclosure attorneys at Phillips & Garcia will fight for your rights in your foreclosure case. We are committed to protecting your best interests and your family's home and helping you collect the damages you need and deserve to move on with your life. Contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.

back to top




Legal Help for Wrongful Foreclosure and Seizure in Any State.  Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lock-out and trash-out of a borrower's home.  We are licensed in Massachusetts and associate with a qualified attorney in your state.